G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w22418
来源IDWorking Paper 22418
The New Keynesian Transmission Mechanism: A Heterogenous-Agent Perspective
Tobias Broer; Niels-Jakob H. Hansen; Per Krusell; Erik Öberg
发表日期2016-07-18
出版年2016
语种英语
摘要We argue that a 2-agent version of the standard New Keynesian model—where a “worker” receives only labor income and a “capitalist” only profit income— offers insights about how income inequality affects the monetary transmission mechanism. Under rigid prices, monetary policy affects the distribution of consumption, but it has no effect on output as workers choose not to change their hours worked in response to wage movements. In the corresponding representative-agent model, in contrast, hours do rise after a monetary policy loosening due to a wealth effect on labor supply: profits fall, thus reducing the representative worker’s income. If wages are rigid too, however, the monetary transmission mechanism is active and resembles that in the corresponding representative-agent model. Here, workers are not on their labor supply curve and hence respond passively to demand, and profits are procyclical.
主题Macroeconomics ; Business Cycles
URLhttps://www.nber.org/papers/w22418
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/580092
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Tobias Broer,Niels-Jakob H. Hansen,Per Krusell,et al. The New Keynesian Transmission Mechanism: A Heterogenous-Agent Perspective. 2016.
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