| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24654 |
| 来源ID | Working Paper 24654 |
| Price Stickiness along the Income Distribution and the Effects of Monetary Policy | |
| Javier Cravino; Ting Lan; Andrei A. Levchenko | |
| 发表日期 | 2018-05-28 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We document that the prices of the goods consumed by high-income households are more sticky and less volatile than those of the goods consumed by middle-income households. This suggests that monetary shocks can have distributional consequences by affecting the relative prices of the goods consumed at different points on the income distribution. We use a Factor-Augmented VAR (FAVAR) model to show that, following a monetary policy shock, the estimated impulse responses of high-income households' consumer price indices are 22% lower than those of the middle-income households. We then evaluate the macroeconomic implications of our empirical findings in a quantitative New-Keynesian model featuring households that are heterogeneous in their income and consumption patterns, and sectors that are heterogeneous in their frequency of price changes. We find that: (i) the distributional consequences of monetary policy shocks are large and similar to those in the FAVAR model, and (ii) greater income inequality increases the effectiveness of monetary policy, although this effect is modest for realistic changes in inequality. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w24654 |
| 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/582327 |
| 推荐引用方式 GB/T 7714 | Javier Cravino,Ting Lan,Andrei A. Levchenko. Price Stickiness along the Income Distribution and the Effects of Monetary Policy. 2018. |
| 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 | ||
| w24654.pdf（357KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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