| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11233 |
| DP11233 Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy | |
| Keith Kuester | |
| 发表日期 | 2016-04-16 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We build a New Keynesian business-cycle model with rich household heterogeneity. A central feature is that matching frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of households prefer substantial stabilization of unemployment even if this means deviations from price stability. A monetary policy focused on unemployment stabilization helps "Main Street" by providing consumption insurance. It hurts "Wall Street" by reducing precautionary saving and, thus, asset prices. On the aggregate level, household heterogeneity changes the trans mission of monetary policy to consumption, but hardly to GDP. Central to this result is allowing for self-insurance and aggregate investment. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | monetary policy Unemployment Search and matching Heterogeneous agents General equilibrium |
| URL | https://cepr.org/publications/dp11233 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540051 |
| 推荐引用方式 GB/T 7714 | Keith Kuester. DP11233 Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy. 2016. |
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