| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29835 |
| 来源ID | Working Paper 29835 |
| Consumption Heterogeneity and Monetary Policy in an Open Economy | |
| Sihao Chen; Michael B. Devereux; Kang Shi; Jenny Xu | |
| 发表日期 | 2022-03-14 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We explore how consumption heterogeneity affects the international transmission mechanism of monetary shocks and the choice of optimal monetary policy in an open economy. Incorporating two types of agents (Ricardian versus Keynesian) into a standard open economy macro model, we find that there are sizeable ranges of household heterogeneity in which monetary policy become ineffective, but this depends sensitively on the interaction of aggregate demand and relative price effects. We derive the global optimal monetary policy with household heterogeneity under alternative pricing regimes. PPI targeting is still the optimal monetary policy under PCP and can restore the economy to the efficient equilibrium. Under LCP, however, the presence of consumption heterogeneity and currency misalignment implies that CPI inflation targeting is no longer optimal in most cases. Finally, we show that when fiscal instruments such as an import tax and export subsidy are introduced, both currency misalignment and consumption heterogeneity can be eliminated, and even under LCP, PPI targeting is the optimal monetary rule. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w29835 |
| 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/587508 |
| 推荐引用方式 GB/T 7714 | Sihao Chen,Michael B. Devereux,Kang Shi,et al. Consumption Heterogeneity and Monetary Policy in an Open Economy. 2022. |
| 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 | ||
| w29835.pdf（417KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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