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Monetary policy and inequality : a two-way relation
Thiel, Luzie - 2023
We study the transmission of monetary policy in the presence of heterogeneous households and examine the implications when the share of constrained households is a function of monetary policy. We build an analytically tractable heterogeneous agent New Keynesian model (THANK) with an endogenous...
Persistent link: https://www.econbiz.de/10013541937
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Monetary policy, agent heterogeneity and inequality : insights from a three-agent New Keynesian model
Eskelinen, Maria - 2021
In this paper I develop a New Keynesian dynamic stochastic general equilibrium model which features three different types of representative agents (THRANK): the poor hand-to- mouth, the wealthy hand-to-mouth and the non-hand-to mouth households. Compared to a full-scale HANK model, this model is...
Persistent link: https://www.econbiz.de/10012622812
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On household labour supply in sticky-wage HANK models
Gerke, Rafael; Giesen, Sebastian; Lozej, Matija; … - 2024 - November 24, 2023
unions can demand different hours from different households, directly taking household heterogeneity into account. In this … households work the same amount but prohibits unions from requiring any household to work more than it would like to. This …
Persistent link: https://www.econbiz.de/10014467926
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The macroeconomic effects of different CBDC regimes in an economy with a heterogeneous household sector
Magin, Jana Anjali; Neyer, Ulrike; Stempel, Daniel - 2023
effects of different CBDC regimes in a New Keynesian model with a heterogeneous household sector. We consider that a CBDC may … household may hold an unlimited amount of CBDC, (iii) the central bank sets a maximum amount of CBDC each household is allowed … household is allowed to hold. Generally, we find that the introduction of a CBDC increases economy-wide utility as it allows …
Persistent link: https://www.econbiz.de/10014229087
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Output-Inflation Trade-offs and the Optimal Inflation Rate
Van Zandweghe, Willem - 2020
In staggered price models, a non-CES aggregator of differentiated goods generates empirically plausible short- and long-run trade-offs between output and inflation: lower trend inflation flattens the Phillips curve and decreases steady-state output by increasing markups. We show that the...
Persistent link: https://www.econbiz.de/10012828858
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Monetary Rule, Central Bank Loss and Household's Welfare : An Empirical Investigation
Benchimol, Jonathan - 2017
Which monetary policy rule best fits the historical data? Which rule is most effective to reach the central bank's objectives? Is minimizing a central bank loss equivalent to maximizing households' welfare? Are NGDP growth or level targeting good options, and if so, when? Do they perform better...
Persistent link: https://www.econbiz.de/10012943448
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Inequality and the Zero Lower Bound
Fernández-Villaverde, Jesús; Marbet, Joël; Nuño, Galo; … - 2023
This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates …
Persistent link: https://www.econbiz.de/10014348051
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Populism, Financial Inequality and Central Bank Independence : A Political Economics Approach
Masciandaro, Donato - 2018
This paper examines myopic, populist policies that guarantee short-term financial protection of the people from the elite without regard for long-term fiscal or monetary distortions. Assuming that citizens are financially heterogeneous, this paper shows that inefficient outcomes can arise when...
Persistent link: https://www.econbiz.de/10012922659
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Optimal Inflation to Reduce Inequality
Menna, Lorenzo - 2016
A popular argument in favour of price stability is that the inflation-tax burden would disproportionately fall on the poor because wealth is unevenly distributed and portfolio composition of poorer households is skewed towards a larger share of money holdings. We reconsider the issue in a DSGE...
Persistent link: https://www.econbiz.de/10012979825
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Adverse Effects of Ultra-Loose Monetary Policies on Investment, Growth and Income Distribution
Hoffmann, Andreas - 2016
The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the monetary overinvestment theories of Hayek and Mises. We argue that ultra-loose monetary policies create incentives to substitute real investment by financial investment. When...
Persistent link: https://www.econbiz.de/10012996802