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Doves for the rich, hawks for the poor? : distributional consequences of monetary policy

Gornemann, Nils; Küster, Keith; Nakajima, Makoto - 2016

frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of …

Persistent link: https://www.econbiz.de/10011563007

Central Bank Independence and Macro-Prudential Regulation

Ueda, Kenichi - 2012

We consider the optimality of various institutional arrangements for agencies that conduct macro-prudential regulation and monetary policy. When a central bank is in charge of price and financial stability, a new time inconsistency problem may arise. Ex-ante, the central bank chooses the...

Persistent link: https://www.econbiz.de/10013107404

Asset Prices and Aggregate Demand in a "Covid-19" Shock : A model of Endogenous Risk Intolerance and LSAPs

Caballero, Ricardo J. - 2020

In this paper we: (i) provide a model of endogenous risk intolerance and serve aggregate demand contractions following … addressing these contractions. The key mechanism stems from heterogeneous risk tolerance: as a recessionary shock hits the … economy and brings down asset prices, risk-tolerant agents' wealth share declines and their leverage rises endogenously. This …

Persistent link: https://www.econbiz.de/10012836868

Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy

Gornemann, Nils - 2017

frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of …

Persistent link: https://www.econbiz.de/10013210409

Differences in Euro-Area Household Finances and Their Relevance for Monetary-Policy Transmission

Hintermaier, Thomas - 2019

This paper quantifies the extent of heterogeneity in consumption responses to changes in real interest rates and house prices in the four largest economies in the euro area: France, Germany, Italy, and Spain. We first calibrate a life-cycle incomplete-markets model with a liquid financial asset...

Persistent link: https://www.econbiz.de/10012898763

Differences in Euro-Area Household Finances and Their Relevance for Monetary-Policy Transmission

Hintermaier, Thomas - 2019

Persistent link: https://www.econbiz.de/10012859309

Household Portfolios, Monetary Policy and Asset Prices

Leombroni, Matteo; Rogers, Ciaran - 2021

of monetary policy. The transmission of monetary policy works not only through the usual income and substitution motives …

Persistent link: https://www.econbiz.de/10013321564

The Optimal Conduct of Central Bank Asset Purchases

Darracq Pariès, Matthieu - 2017

We analyse the effects of central bank government bond purchases in an estimated DSGE model for the euro area. In the model, central bank asset purchases are relevant in so far as agency costs distort banks asset allocation between loans and bonds, and households face transaction costs when...

Persistent link: https://www.econbiz.de/10012965539

The Optimal Conduct of Central Bank Asset Purchases

Darracq Pariès, Matthieu - 2017

We analyse the effects of central bank government bond purchases in an estimated DSGE model for the euro area. In the model, central bank asset purchases are relevant in so far as agency costs distort banks' asset allocation between loans and bonds, and households face transaction costs when...

Persistent link: https://www.econbiz.de/10012951375

A New Approach for Modeling and Understanding Optimal Monetary Policy

Romaniuk, Katarzyna - 2010

Persistent link: https://www.econbiz.de/10013142771