accelerator model, time varying risk shocks, and a zero lower bound on the nominal interest rate. The amplification mechanism … results from a portfolio re-balancing from households, who reduce capital investment in favor of risk-free bonds. Consequently …

We analyze the distributional effects of monetary policy on income, wealth and consumption. We use administrative … terms of income, wealth and consumption are monotonically increasing in the ex-ante income level. The distributional effects ….g. leverage and risky assets). Our estimates imply that softer monetary policy increases income inequality. …

frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of …