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An heterogeneous-agent New-Monetarist model with an application to unemployment

Author: Guillaume Rocheteau; Pierre-Olivier Weill; Tsz-Nga Wong; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2018.
Series: Working paper series (National Bureau of Economic Research), no. 25220.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We develop a New Monetarist model with expenditure and unemployment risks that generates equilibria with non-degenerate distribution of money holdings. Distributional effects can overturn key insights of the model with degenerate distributions such that, e.g., the value of money depends on the income distribution, a one-time money injection raises aggregate real balances in the short run -- price adjustments look  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Guillaume Rocheteau; Pierre-Olivier Weill; Tsz-Nga Wong; National Bureau of Economic Research,
OCLC Number: 1062352844
Notes: "November 2018"
Description: 1 online resource (46 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 25220.
Responsibility: Guillaume Rocheteau, Pierre-Olivier Weill, Tsz-Nga Wong.

Abstract:

We develop a New Monetarist model with expenditure and unemployment risks that generates equilibria with non-degenerate distribution of money holdings. Distributional effects can overturn key insights of the model with degenerate distributions such that, e.g., the value of money depends on the income distribution, a one-time money injection raises aggregate real balances in the short run -- price adjustments look sluggish; anticipated inflation can raise output and welfare; there can be a long-run trade-off between inflation and unemployment. Our model features an aggregate demand channel through which transfers to workers can raise employment and a new amplification mechanism of productivity shocks.

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