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More money for some : the redistributive effects of open market operations

Bustamante, Christian - 2021 - Last updated: September 29, 2021

Using a general equilibrium search-theoretic model of money, I study the distributional effects of open market operations. In my model, heterogeneous agents trade bilaterally among themselves in a frictional market and save using cash and illiquid short-term nominal government bonds. Wealth...

Persistent link: https://www.econbiz.de/10012627938

Transmission of shocks to the Chinese economy in a global context : a model-based approach

Bailliu, Jeannine N.; Blagrave, Patrick - 2010

To better understand the dynamics of the Chinese economy and its interaction with the global economy, the authors incorporate China into an existing model for the G-3 economies (i.e., the United States, the euro area, and Japan), paying particular attention to modelling the exchange rate and...

Persistent link: https://www.econbiz.de/10003996844

Monetary policy and redistribution in open economies

Guo, Xing; Ottonello, Pablo; Perez, Diego J. - 2022 - Last updated: February 7, 2022

This paper examines how monetary policy affects the asymmetric effects of globalization. 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...

Persistent link: https://www.econbiz.de/10012807759

Corporate balance sheets in developed economies : implications for investment

Côté, Denise (contributor); … - 2007

material to the economy's investment prospects and whether the importance of this channel differs depending on the structure of … corporate financing i.e., bank-based or market-oriented financing structures. Based on a dynamic business investment error … financial position of non-financial corporations has a statistically significant impact on aggregate business investment growth …

Persistent link: https://www.econbiz.de/10003462971

Aggregate and welfare effects of redistribution of wealth under inflation and price-level targeting

Meh, Césaire Assah (contributor); … - 2008

Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major redistribution of wealth between households and the government, between nationals and foreigners, and between households within the same country. Two types of monetary policy,...

Persistent link: https://www.econbiz.de/10003773003

Household heterogeneity and the performance of monetary policy frameworks

Djeutem, Edouard; He, Mario; Reza, Abeer; Zhang, Yang - 2022 - Last updated: March 8, 2022

We compare the performance of alternative monetary policy frameworks (inflation targeting, average inflation targeting, price level targeting and nominal GDP level targeting) in a tractable HANK model where incomplete financial markets and idiosyncratic earnings risk introduce precautionary...

Persistent link: https://www.econbiz.de/10013169230

Optimal monetary policy according to HANK

Acharya, Sushant; Challe, Edouard; Dogra, Keshav - 2021 - Last updated: November 5, 2021

We study optimal monetary policy in an analytically tractable Heterogeneous Agent New Keynesian model with rich cross-sectional heterogeneity. Optimal policy differs from that in a representative agent model because monetary policy can affect consumption inequality by reducing both idiosyncratic...

Persistent link: https://www.econbiz.de/10012657868

Gazing at r-star : a hysteresis perspective

Beaudry, Paul; Kartashova, Katya; Meh, Césaire Assah - 2023 - Last updated: January 12, 2023

Many explanations for the decline in real interest rates over the last 30 years point to the role that population aging or rising income inequality plays in increasing the long-run aggregate demand for assets. Notwithstanding the importance of such factors, the starting point of this paper is to...

Persistent link: https://www.econbiz.de/10013482643

A policy model to analyze macroprudential regulations and monetary policy

Alpanda, Sami; Cateau, Gino; Meh, Césaire Assah - 2014

We construct a small-open-economy, New Keynesian dynamic stochastic generalequilibrium model with real-financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. Our model has four key features. First, it allows for non-trivial...

Persistent link: https://www.econbiz.de/10010238951

Changes in monetary regimes and the identification of monetary policy shocks : narrative evidence from Canada

Champagne, Julien; Sekkel, Rodrigo - 2017

We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada. We show that it is crucial to...

Persistent link: https://www.econbiz.de/10011777945

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