| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28872 |
| 来源ID | Working Paper 28872 |
| Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel | |
| Adrien Auclert; Matthew Rognlie; Martin Souchier; Ludwig Straub | |
| 发表日期 | 2021-05-31 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Introducing heterogeneous households to a New Keynesian small open economy model amplifies the real income channel of exchange rates: the rise in import prices from a depreciation lowers households’ real incomes, and leads them to cut back on spending. When the sum of import and export elasticities is one, this channel is offset by a larger Keynesian multiplier, heterogeneity is irrelevant, and expenditure switching drives the output response. With plausibly lower short-term elasticities, however, the real income channel dominates, and depreciation can be contractionary for output. This weakens monetary transmission and creates a dilemma for policymakers facing capital outflows. Delayed import price pass-through weakens the real income channel, while heterogeneous consumption baskets can strengthen it. |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w28872 |
| 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/586546 |
| 推荐引用方式 GB/T 7714 | Adrien Auclert,Matthew Rognlie,Martin Souchier,et al. Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel. 2021. |
| 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 | ||
| w28872.pdf（780KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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