| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28213 |
| 来源ID | Working Paper 28213 |
| Monetary Policy and Redistribution in Open Economies | |
| Xing Guo; Pablo Ottonello; Diego J. Perez | |
| 发表日期 | 2020-12-14 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study how monetary policy affects the asymmetric effects of globalization. To this end, we build an open-economy heterogeneous-agent New Keynesian model (HANK), in which households differ in their income, wealth, and real and financial integration with international markets. We use the model to reassess classic questions in international macroeconomics, but from a distributional perspective: What are the international spillovers of policies and shocks, how do alternative exchange-rate regimes compare, and what are the implications for monetary policy of the international price system. Our results indicate the presence of a trade-off between aggregate stabilization and inequality in consumption responses to external shocks. The asymmetric effects of globalization can be smaller for economies with higher international integration. |
| 主题 | Macroeconomics ; Consumption and Investment ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics ; Globalization and International Relations |
| URL | https://www.nber.org/papers/w28213 |
| 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/585887 |
| 推荐引用方式 GB/T 7714 | Xing Guo,Pablo Ottonello,Diego J. Perez. Monetary Policy and Redistribution in Open Economies. 2020. |
| 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 | ||
| w28213.pdf（3236KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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