Transmission of Monetary Policy with Heterogeneity in Household Portfolios
نویسندگان
چکیده
This paper assesses the importance of heterogeneity in household portfolios for transmission monetary policy a New Keynesian business cycle model with uninsurable income risk and assets different liquidity. In this environment, works through investment, but redistribution lowers elasticity investment via two channels: (i) marginal propensities to invest, (ii) time variation liquidity premium. Monetary contractions redistribute wealthy households who have high invest low value liquidity, thereby stabilizing investment. I provide empirical evidence countercyclical premia portfolio responses. (JEL E12, E32, E52, G11, G51)
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ژورنال
عنوان ژورنال: American Economic Journal: Macroeconomics
سال: 2021
ISSN: ['1945-7707', '1945-7715']
DOI: https://doi.org/10.1257/mac.20190064