Monetary Policy According to HANK
Greg Kaplan,
Benjamin Moll and
Giovanni L. Violante | 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
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The Distributional Implications of the Crisis and Policy Responses
William White | 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
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Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area
Klaus Adam and
Junyi Zhu | 17 September 2015
Monetary,
Working Papers | Tags:
Inequality,
Inflation We document the presence of sizable nominal wealth redistribution effects from unexpected price level movements in the Euro Area (EA), using sectoral accounts and newly available data from the Household Finance and Consumption Survey. The EA as a whole is a net loser of unexpected
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Monetary Policy and the Distribution of Income and Wealth
September 11-12, 2015 Monetary,
Workshops | Tags:
Inequality,
Inflation,
QE There has been intense focus recently on inequality in income and wealth across and within countries. Both developed and developing countries have experienced a marked increase in the gap between high and low income households, as well as an increase in the concentration of income
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