【ECON20161202】
宏观经济学研讨会 （总第197期）  
【时间】2016年3月16日（周三）12：15－13：45
【地点】明法0102教室
【主讲】郭豫媚 中国人民大学经济学院
【主题】 Monetary Policy and the Redistribution Channel (A. Auclert, Working Paper, 2016)
【点评】陈朴 中国人民大学经济学院助理教授 明尼苏达大学经济学博士
【摘要】This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Using consumer theory, I show that redistribution has aggregate effects whenever marginal propensities to consume (MPCs) covary, across households, with balance-sheet exposures to aggregate shocks. Unexpected inflation gives rise to a Fisher channel and real interest rate shocks to an interest rate exposure channel; both channels are likely to contribute to the expansionary effects of accommodative monetary policy. The model predicts that if U.S. mortgages all had adjustable rates--as they do in the U.K.--the effect of interest-rate changes on consumer spending would more than double. In addition, this effect would be asymmetric, with rate increases reducing spending by more than cuts would increase it.
【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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