| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14429 |
| DP14429 Optimal Monetary Policy According to HANK | |
| Sushant Acharya; Edouard Challe; Keshav Dogra | |
| 发表日期 | 2020-02-21 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study optimal monetary policy in an analytically tractable Heterogeneous Agent New Keynesian model with rich cross-sectional heterogeneity. Optimal policy differs from that in a representative agent model because monetary policy can affect consumption inequality, both by reducing idiosyncratic consumption risk and by reducing inequality arising from households' unequal exposures to aggregate shocks. Simple target criteria summarize the planner's tradeoff between consumption inequality, productive efficiency and price stability. Mitigating consumption inequality requires putting some weight on stabilizing the level of output, and correspondingly reducing the weights on the output gap and the price level relative to an economy without inequality. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | New keynesian model Incomplete markets Optimal monetary policy |
| URL | https://cepr.org/publications/dp14429-0 |
| 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/543325 |
| 推荐引用方式 GB/T 7714 | Sushant Acharya,Edouard Challe,Keshav Dogra. DP14429 Optimal Monetary Policy According to HANK. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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