Gateway to Think Tanks
来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w22418 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w22418 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580092 |
推荐引用方式 GB/T 7714 | Tobias Broer,Niels-Jakob H. Hansen,Per Krusell,et al. The New Keynesian Transmission Mechanism: A Heterogenous-Agent Perspective. 2016. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w22418.pdf(288KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。