An heterogeneous-agent New-Monetarist model with an application to unemployment

• 成果类型: Article
• 署名作者: Rocheteau, Guillaume; Weill, Pierre-Olivier; Wong, Tsz-Nga
• 署名单位: University of California System; University of California Irvine; University of California System; University of California Los Angeles; Federal Reserve System - USA; Federal Reserve Bank - Richmond
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.11.006
• 发表日期: 2021
• 关键词: money; search; distributions; inflation

摘要

A New-Monetarist model is constructed with expenditure and unemployment risks that generates equilibria with non-degenerate distribution of money holdings. Distributional effects can overturn key insights of the model with degenerate distributions, e.g., the value of money depends on the income distribution; a one-time money injection raises aggregate real balances in the short run - price adjustments look sluggish; anticipated inflation can raise output and welfare; there can be a long-run trade-off between inflation and unemployment. Distributional effects also generate a quantitatively significant aggregate demand channel through which transfers financed with money creation can raise employment, and productivity shocks are amplified. (C) 2019 Elsevier B.V. All rights reserved.