Monetary policy and the persistent aggregate effects of wealth redistribution

• 成果类型: Article
• 署名作者: Kuncl, Martin; Ueberfeldt, Alexander
• 署名单位: Bank of Canada
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2023.12.003
• 发表日期: 2024
• 关键词: Monetary policy transmission; Monetary policy framework; Household heterogeneity; Fisher channel

摘要

Monetary easing redistributes from savers, some of whom are retired and not adjusting labor supply, to borrowers who reduce their labor supply. This results in persistently lower aggregate labor and output. Hence the interaction of labor supply heterogeneity with heterogeneity in net nominal positions of households creates a monetary policy trade -off whereby short-term economic stimulus is followed by lower output over the medium term. The policy trade -off is stronger in economies with more nominal household debt and a larger wealth share of retired households but weakened by a more aggressive monetary policy stance and under price-level targeting.