Monetary Policy and the Redistribution Channel

• 成果类型: Article
• 署名作者: Auclert, Adrien
• 署名单位: Stanford University; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20160137
• 发表日期: 2019
• 页码: 2333-2367
• 关键词: intertemporal substitution; consumption response; debt-deflation; liquidity trap; fiscal-policy; income; inflation; MODEL; transmission; mortgages

摘要

This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Three channels affect aggregate spending when winners and losers have different marginal propensities to consume: an earnings heterogeneity channel from unequal income gains, a Fisher channel from unexpected inflation, and an interest rate exposure channel from real interest rate changes. Sufficient statistics from Italian and US data suggest that all three channels are likely to amplify the effects of monetary policy. (JEL E21, E31, E43, E52)