Arbeitspapier
Monetary policy and the persistent aggregate effects of wealth redistribution
We identify a sizable wealth redistribution channel which creates a monetary policy trade-off whereby short-term economic stimulus is followed by persistently lower output over the medium term. This trade-off is stronger in economies with more nominal household debt but weakened by a more aggressive monetary policy stance and under price-level targeting. Given this trade-off, low-for-long episodes can lead to persistently depressed output. The mediumterm implications of the wealth redistribution channel rely on the presence of labor supply heterogeneity, which we show both analytically and in the context of an estimated New Keynesian general equilibrium model with household heterogeneity.
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Canada Staff Working Paper ; No. 2021-38
- Klassifikation
-
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
- Thema
-
Monetary policy framework
Monetary policy transmission
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kuncl, Martin
Ueberfeldt, Alexander
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Canada
- (wo)
-
Ottawa
- (wann)
-
2021
- DOI
-
doi:10.34989/swp-2021-38
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kuncl, Martin
- Ueberfeldt, Alexander
- Bank of Canada
Entstanden
- 2021
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