| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14429 |
| DP14429 Optimal Monetary Policy According to HANK | |
| Sushant Acharya; Edouard Challe; Keshav Dogra | |
| 发表日期 | 2020-02-21 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study optimal monetary policy in a Heterogenous-Agent New-Keynesian economy. A utilitarian planner seeks to reduce consumption inequality, in addition to stabilizing output gaps and inflation. The planner does so both by reducing income risk faced by households, and by reducing the pass-through from income to consumption risk, trading-off the benefits of lower inequality against productive inefficiency and higher inflation. When income risk is countercyclical, policy curtails the fall in output in recessions to mitigate the increase in inequality. We uncover a new form of time-inconsistency of the Ramsey-plan - the temptation to exploit households' unhedged interest-rate exposure to lower inequality. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | New keynesian model Incomplete markets Optimal monetary policy |
| URL | https://cepr.org/publications/dp14429 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543326 |
| 推荐引用方式 GB/T 7714 | Sushant Acharya,Edouard Challe,Keshav Dogra. DP14429 Optimal Monetary Policy According to HANK. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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