Price stickiness along the income distribution and the effects of monetary policy

• 成果类型: Article
• 署名作者: Cravino, Javier; Lan, Ting; Levchenko, Andrei A.
• 署名单位: University of Michigan System; University of Michigan; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2018.12.001
• 发表日期: 2020
• 页码: 19-32
• 关键词: inflation; distributional effects; Consumption baskets; monetary policy

摘要

Monetary shocks have distributional consequences if they affect relative prices across goods consumed by different households. We document that the prices of the goods consumed by high-income households are stickier and less volatile than those of the goods consumed by middle-income households. Following a monetary policy shock, the estimated impulse responses of high-income households' consumer price indices are about one-third smaller than those of the middle-income households. We evaluate the implications of these findings in a quantitative multi-sector New-Keynesian model featuring heterogeneous households. The distributional consequences of monetary policy shocks are large and similar to those in the econometric model. (C) 2018 Elsevier B.V. All rights reserved.