| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12967 |
| DP12967 Price stickiness along the income distribution and the effects of monetary policy | |
| Andrei Levchenko; Javier Cravino; Ting Lan | |
| 发表日期 | 2018-06-03 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We document that the prices of the goods consumed by high-income households are more sticky and less volatile than those of the goods consumed by middle-income households. This implies that monetary shocks can have distributional consequences by affecting the relative prices of the goods consumed at different points on the income distribution. We use a Factor-Augmented VAR (FAVAR) model to show that, following a monetary policy shock, the estimated impulse responses of high-income households' consumer price indices are 22% lower than those of the middle-income households. We then evaluate the macroeconomic implications of our empirical findings in a quantitative New-Keynesian model featuring households that are heterogeneous in their income and consumption patterns, and sectors that are heterogeneous in their frequency of price changes. We find that: (i) the distributional consequences of monetary policy shocks are large and similar to those in the FAVAR model, and (ii) greater income inequality increases the effectiveness of monetary policy, although this effect is modest for realistic changes in inequality. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | inflation Distributional effects Consumption baskets monetary policy |
| URL | https://cepr.org/publications/dp12967 |
| 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/541775 |
| 推荐引用方式 GB/T 7714 | Andrei Levchenko,Javier Cravino,Ting Lan. DP12967 Price stickiness along the income distribution and the effects of monetary policy. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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