Redistribution and Optimal Monetary Policy
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Thispaperdepartsfromtherepresentative-agentassumptionandinvestigateshowoptimalmonetarypolicyshouldbeconductedinatwo-agentNew Keynesian (TANK) model. Relative to a price stability motive that typically appears as policy prescriptions in representative-agent New Keynesian (RANK) models, heterogeneity adds a motive to spread aggregate fluctuations equally acrossallhouseholds. Weshowthatthelattermotivehingesonhowfiscaltransfers are implemented with the business cycle.
Abstract
Thispaperdepartsfromtherepresentative-agentassumptionandinvestigateshowoptimalmonetarypolicyshouldbeconductedinatwo-agentNew Keynesian (TANK) model. Relative to a price stability motive that typically appears as policy prescriptions in representative-agent New Keynesian (RANK) models, heterogeneity adds a motive to spread aggregate fluctuations equally acrossallhouseholds. Weshowthatthelattermotivehingesonhowfiscaltransfers are implemented with the business cycle.
참고문헌 (17)
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