| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP11382
|
| DP11382 The New Keynesian Transmission Mechanism: A Heterogenous-Agent Perspective |
| Tobias Broer; Erik Öberg
|
| 发表日期 | 2016-07-09
|
| 出版年 | 2016
|
| 语种 | 英语
|
| 摘要 | We argue that a 2-agent version of the standard New Keynesian model—where
a “worker” receives only labor income and a “capitalist” only profit income—
offers insights about how income inequality affects the monetary transmission
mechanism. Under rigid prices, monetary policy affects the distribution of consumption,
but it has no effect on output as workers choose not to change their
hours worked in response to wage movements. In the corresponding representativeagent
model, in contrast, hours do rise after a monetary policy loosening due
to a wealth effect on labor supply: profits fall, thus reducing the representative
worker’s income. If wages are rigid too, however, the monetary transmission
mechanism is active and resembles that in the corresponding representative-agent
model. Here, workers are not on their labor supply curve and hence respond passively
to demand, and profits are procyclical. |
| 主题 | Monetary Economics and Fluctuations
|
| 关键词 | Monetary transmission
Heterogeneous agents
Inequality
New keynesian model
|
| URL | https://cepr.org/publications/dp11382
|
| 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/540196
|
推荐引用方式
GB/T 7714 |
Tobias Broer,Erik Öberg. DP11382 The New Keynesian Transmission Mechanism: A Heterogenous-Agent Perspective. 2016.
|
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