| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25220 |
| 来源ID | Working Paper 25220 |
| An Heterogeneous-Agent New-Monetarist Model with an Application to Unemployment | |
| Guillaume Rocheteau; Pierre-Olivier Weill; Tsz-Nga Wong | |
| 发表日期 | 2018-11-05 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We develop a New Monetarist model with expenditure and unemployment risks that generates equilibria with non-degenerate distribution of money holdings. Distributional effects can overturn key insights of the model with degenerate distributions, e.g., the value of money depends on the income distribution; a one-time money injection raises aggregate real balances in the short run price adjustments look sluggish; anticipated inflation can raise output and welfare; there can be a long-run trade-o¤ between inflation and unemployment. Distributional effects also generate a quantitatively significant aggregate demand channel through which transfers financed with money creation can raise employment, and productivity shocks are amplified. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w25220 |
| 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/582894 |
| 推荐引用方式 GB/T 7714 | Guillaume Rocheteau,Pierre-Olivier Weill,Tsz-Nga Wong. An Heterogeneous-Agent New-Monetarist Model with an Application to Unemployment. 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 | ||
| w25220.pdf（545KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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