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SCOPUS 학술저널

Redistribution and Optimal Monetary Policy

  • 19

This paper departs from the representative-agent assumption and investigates how optimal monetary policy should be conducted in a two-agent New 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 across all households. We show that the latter motive hinges on how fiscal transfers are implemented with the business cycle.

1. INTRODUCTION

2. MODEL

3. PARAMETER VALUES AND THE SOLUTION METHOD

4. OPTIMAL MONETARY POLICY

5. CONCLUSION

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