skip to content
Monetary policy and the redistribution channel Preview this item
ClosePreview this item
Checking...

Monetary policy and the redistribution channel

Author: Adrien Auclert; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2017.
Series: Working paper series (National Bureau of Economic Research), no. 23451.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Three channels affect aggregate spending when winners and losers have different marginal propensities to consume: an earnings heterogeneity channel from unequal income gains, a Fisher channel from unexpected inflation, and an interest rate exposure channel from real interest rate changes. Sufficient  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

Find a copy online

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Adrien Auclert; National Bureau of Economic Research,
OCLC Number: 990268544
Notes: "May 2017"
Includes online appendix (A51 pages).
Description: 1 online resource (44 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 23451.
Responsibility: Adrien Auclert.

Abstract:

This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Three channels affect aggregate spending when winners and losers have different marginal propensities to consume: an earnings heterogeneity channel from unequal income gains, a Fisher channel from unexpected inflation, and an interest rate exposure channel from real interest rate changes. Sufficient statistics from Italian and U.S. data suggest that all three channels are likely to amplify the effects of monetary policy. A standard incomplete markets model can deliver the empirical magnitudes if assets have plausibly high durations but a counterfactual degree of inflation indexation.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/990268544> # Monetary policy and the redistribution channel
    a schema:CreativeWork, schema:MediaObject, schema:Book ;
   library:oclcnum "990268544" ;
   library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
   schema:about <http://experiment.worldcat.org/entity/work/data/4352426386#Topic/transmission_mechanism_monetary_policy_econometric_models> ; # Transmission mechanism (Monetary policy)--Econometric models
   schema:about <http://experiment.worldcat.org/entity/work/data/4352426386#Topic/income_distribution_econometric_models> ; # Income distribution--Econometric models
   schema:about <http://experiment.worldcat.org/entity/work/data/4352426386#Topic/consumption_economics_econometric_models> ; # Consumption (Economics)--Econometric models
   schema:about <http://experiment.worldcat.org/entity/work/data/4352426386#Topic/monetary_policy_econometric_models> ; # Monetary policy--Econometric models
   schema:about <http://experiment.worldcat.org/entity/work/data/4352426386#Topic/interest_rates_econometric_models> ; # Interest rates--Econometric models
   schema:about <http://experiment.worldcat.org/entity/work/data/4352426386#Topic/inflation_finance_econometric_models> ; # Inflation (Finance)--Econometric models
   schema:author <http://experiment.worldcat.org/entity/work/data/4352426386#Person/auclert_adrien> ; # Adrien Auclert
   schema:bookFormat schema:EBook ;
   schema:datePublished "2017" ;
   schema:description "This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Three channels affect aggregate spending when winners and losers have different marginal propensities to consume: an earnings heterogeneity channel from unequal income gains, a Fisher channel from unexpected inflation, and an interest rate exposure channel from real interest rate changes. Sufficient statistics from Italian and U.S. data suggest that all three channels are likely to amplify the effects of monetary policy. A standard incomplete markets model can deliver the empirical magnitudes if assets have plausibly high durations but a counterfactual degree of inflation indexation."@en ;
   schema:exampleOfWork <http://worldcat.org/entity/work/id/4352426386> ;
   schema:inLanguage "en" ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/4352426386#Series/nber_working_paper_series> ; # NBER working paper series ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/4352426386#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
   schema:name "Monetary policy and the redistribution channel"@en ;
   schema:productID "990268544" ;
   schema:publisher <http://experiment.worldcat.org/entity/work/data/4352426386#Organization/national_bureau_of_economic_research> ; # National Bureau of Economic Research,
   schema:url <http://papers.nber.org/papers/23451> ;
   schema:url <http://www.nber.org/papers/w23451> ;
   wdrs:describedby <http://www.worldcat.org/title/-/oclc/990268544> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/4352426386#Organization/national_bureau_of_economic_research> # National Bureau of Economic Research,
    a schema:Organization ;
   schema:name "National Bureau of Economic Research," ;
    .

<http://experiment.worldcat.org/entity/work/data/4352426386#Person/auclert_adrien> # Adrien Auclert
    a schema:Person ;
   schema:familyName "Auclert" ;
   schema:givenName "Adrien" ;
   schema:name "Adrien Auclert" ;
    .

<http://experiment.worldcat.org/entity/work/data/4352426386#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/990268544> ; # Monetary policy and the redistribution channel
   schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/4352426386#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/990268544> ; # Monetary policy and the redistribution channel
   schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/4352426386#Topic/consumption_economics_econometric_models> # Consumption (Economics)--Econometric models
    a schema:Intangible ;
   schema:name "Consumption (Economics)--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/4352426386#Topic/income_distribution_econometric_models> # Income distribution--Econometric models
    a schema:Intangible ;
   schema:name "Income distribution--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/4352426386#Topic/inflation_finance_econometric_models> # Inflation (Finance)--Econometric models
    a schema:Intangible ;
   schema:name "Inflation (Finance)--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/4352426386#Topic/interest_rates_econometric_models> # Interest rates--Econometric models
    a schema:Intangible ;
   schema:name "Interest rates--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/4352426386#Topic/monetary_policy_econometric_models> # Monetary policy--Econometric models
    a schema:Intangible ;
   schema:name "Monetary policy--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/4352426386#Topic/transmission_mechanism_monetary_policy_econometric_models> # Transmission mechanism (Monetary policy)--Econometric models
    a schema:Intangible ;
   schema:name "Transmission mechanism (Monetary policy)--Econometric models"@en ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.