| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14159 |
| DP14159 Monetary Policy and Redistribution: A Look under the Hatch with TANK | |
| Christopher Naubert | |
| 发表日期 | 2019-11-30 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We provide an under-the-hatch look at the mechanisms at work in two-agent new Keynesian (TANK) models. A distinctive feature of our analysis is novel closed-form solutions for general Taylor-type monetary-policy rules. Our analysis of TANK models informs the quantitative heterogeneous-agent new Keynesian literature about potential mechanisms at play when evaluating the effects of monetary policy and fiscal redistribution between asset-market participants and non-participants. We find that, in conventional times, forward guidance is less effective at stimulating today's economy when asset-market participation is low. Additionally, future monetary-policy shocks may work mostly through direct channels even though contemporaneous shocks work largely through indirect channels. Finally, both consumption and income inequality in the model are fully determined by markups. Introducing capital adjustment costs overturns this result and leads to consumption inequality being more countercyclical than income inequality, as is in the data. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Forward guidance New keynesian model Tank Redistribution |
| URL | https://cepr.org/publications/dp14159-2 |
| 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/543045 |
| 推荐引用方式 GB/T 7714 | Christopher Naubert. DP14159 Monetary Policy and Redistribution: A Look under the Hatch with TANK. 2019. |
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