| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17049 |
| DP17049 On the Effects of Monetary Policy Shocks on Earnings and Consumption Heterogeneity | |
| Minsu Chang; Frank Schorfheide | |
| 发表日期 | 2022-02-18 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | In this paper we use the functional vector autoregression (VAR) framework of Chang, Chen, and Schorfheide (2021) to study the effects of monetary policy shocks (conventional and informational) on the cross-sectional distribution of earnings and consumption. We find that an expansionary monetary policy shock reduces earnings inequality. The reduction is generated by what we call the employment channel. In the left tail of the earnings distribution, the expansion lifts individuals out of unemployment and thereby reduces the earnings dispersion. For consumption we obtain the opposite result: the expansionary policy shock raises the mass in the right tail of the consumption distribution, thereby increasing consumption inequality. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Consumption distribution Earnings distribution Functional vector autoregressions Heterogeneous agent models Monetary policy shocks |
| URL | https://cepr.org/publications/dp17049 |
| 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/546007 |
| 推荐引用方式 GB/T 7714 | Minsu Chang,Frank Schorfheide. DP17049 On the Effects of Monetary Policy Shocks on Earnings and Consumption Heterogeneity. 2022. |
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