| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12601 |
| DP12601 Monetary Policy and Heterogeneity: An Analytical Framework | |
| Florin Bilbiie | |
| 发表日期 | 2018-01-15 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | THANK is a tractable heterogeneous-agent New-Keynesian model that captures analytically key micro-heterogeneity channels of quantitative-HANK: cyclical inequality and risk as separate but related channels; idiosyncratic uncertainty and self-insurance, precautionary saving; and realistic intertemporal marginal propensities to consume. I use it for a full-fledged New Keynesian macro analysis: determinacy with interest-rate rules, solving the forward-guidance puzzle, amplification and multipliers, and optimal monetary policy. Amplification requires countercyclical while solving the puzzle requires procyclical inequality: a Catch-22, resolved in theory if the separate "pure" risk channel is procyclical enough. Price-level-targeting ensures determinacy and is puzzle-free, even when both inequality and risk are countercyclical, thus resolving the Catch-22. The same holds for a rule fixing nominal public debt in the model version with liquidity. Optimal policy with heterogeneity features a novel inequality-stabilization motive generating higher inflation volatility---but it is unaffected by risk, insofar as the target equilibrium entails no inequality. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Heterogeneity Inequality Liquidity Tractable hank Optimal monetary policy Forward guidance puzzle Taylor and wicksellian rules Determinacy Multipliers |
| URL | https://cepr.org/publications/dp12601-3 |
| 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/541412 |
| 推荐引用方式 GB/T 7714 | Florin Bilbiie. DP12601 Monetary Policy and Heterogeneity: An Analytical Framework. 2018. |
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