Program: Monetary

Finance, Growth and Inequality

and | 31 March 2016
Blog, Fiscal, Monetary | Tags: Financial Markets, Inequality
Finance is the lifeblood of modern economies, but too much of the wrong type of finance can hamper economic prosperity and social cohesion. We have taken a holistic approach to study the consequences of finance for the inclusiveness of growth, in the spirit of the ... continue reading

Monetary Policy According to HANK

, and | 10 March 2016
Monetary, Working Papers | Tags: Inequality, Interest Rates
We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to consume because of two key features: multiple assets with different degrees of liquidity ... continue reading

The Transmission of Monetary Policy through Redistributions and Durable Purchases

and | 19 January 2016
Monetary, Working Papers | Tags: Inequality, Lump-Sum Transfers, Sector Bias
This paper studies a redistribution channel for the transmission of monetary policy. Using a tractable OLG setting ... continue reading

The Distributional Implications of the Crisis and Policy Responses

| 8 December 2015
Blog, Monetary | Tags: Inequality, QE
The conduct of monetary policy over the last few years is totally unprecedented. Efforts have been made to influence all parts of the term structure of interest rates and credit spreads as well. Policy rates have been reduced essentially to zero. Forward guidance has also ... continue reading

Looking for a Way out the Subsidies Labyrinth in Argentina

| 16 October 2015
Blog, Fiscal, Monetary | Tags: Energy, Inflation, Subsidies
In the midst of a heated electoral campaign, subsidies are at the centre of the political debate in Argentina. Shock or gradual approaches to reform those transfers have emerged as the buzzwords of the moment as the presidential race heats up. ... continue reading