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[宏观经济学研讨会]Doves for the Rich, Hawks for the Poor—Distributional Consequences of Monetary Policy
发布日期:2017-05-16
【ECON20171208】
宏观经济学研讨会
(总第223期)
 
【时间】2016年5月17日(周三)12:15-13:45
【地点】明商0302教室
【主讲】陈小亮 中国社会科学院经济研究所
【主题】Doves for the Rich, Hawks for the Poor—Distributional Consequences of Monetary Policy (N. Gornemann et al., Working Paper, 2016)
【摘要】We build a New Keynesian business-cycle model with rich household heterogeneity. A central feature is that matching frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of households prefer substantial stabilization of unemployment even if this means deviations from price stability. A monetary policy focused on unemployment stabilization helps “Main Street” by providing consumption insurance. It hurts “Wall Street” by reducing precautionary saving and, thus, asset prices. On the aggregate level, household heterogeneity changes the transmission of monetary policy to consumption, but hardly to GDP. Central to this result is allowing for self-insurance and aggregate investment.
【主持】陈彦斌 教授


人大宏观经济学研讨会(Macro Workshop)旨在追踪宏观经济学国际最新进展,倡导构建符合国情的动态优化模型,并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。
联系人:刘哲希    Email:Macro_Workshop@163.com
资料下载:www.docin.com/mydoc-88265459-1.html
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