作者：Dolado, Juan J.; Motyovszki, Gergo; Pappa, Evi
作者单位：Universidad Carlos III de Madrid; European University Institute
摘要：We provide a new channel through which monetary policy has distributional consequences at business cycle frequencies. We show that an unexpected monetary easing increases labor income inequality between high-skilled and less-skilled workers. To rationalize these findings, we build a New Keynesian DSGE model with asymmetric search-and-matching (SAM) frictions and capital-skill complementarity (CSC) in production. We show that CSC on its own introduces a dynamic demand amplification mechanism: t...
作者：Liu, Zheng; Wang, Pengfei; Xu, Zhiwei
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Hong Kong University of Science & Technology; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Shanghai Jiao Tong University
摘要：We study the consequences of interest rate liberalization in a two-sector general equilibrium model of China. The model captures a key feature of China's distorted financial system: state-owned enterprises (SOEs) have greater incentive to expand production and easier access to credit than private firms. In this second-best environment, interest rate liberalization can improve capital allocations within each sector but can also exacerbate misallocations across sectors. Under calibrated paramete...
