| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16198 |
| DP16198 Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel | |
| Adrien Auclert; Matthew Rognlie; Martin Souchier; Ludwig Straub | |
| 发表日期 | 2021-05-27 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Introducing heterogeneous households to a New Keynesian small open economy model amplifies the real income channel of exchange rates: the rise in import prices from a depreciation lowers households’ real incomes, and leads them to cut back on spending. When the sum of import and export elasticities is one, this channel is offset by a larger Keynesian multiplier, heterogeneity is irrelevant, and expenditure switching drives the output response. With plausibly lower short-term elasticities, however, the real income channel dominates, and depreciation can be contractionary for output. This weakens monetary transmission and creates a dilemma for policymakers facing capital outflows. Delayed import price pass-through weakens the real income channel, while heterogeneous consumption baskets can strengthen it. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp16198-0 |
| 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/545169 |
| 推荐引用方式 GB/T 7714 | Adrien Auclert,Matthew Rognlie,Martin Souchier,et al. DP16198 Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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