期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：We revisit the transmission mechanism of monetary policy for household consumptionin a Heterogeneous Agent New Keynesian (HANK) model. The modelyields empirically realistic distributions of household wealth and marginal propensitiesto consume because of two key features: multiple assets with different degreesof liquidity and an idiosyncratic income process with leptokurtic incomechanges. In this environment, the indirect effects of an unexpected cut in interestrates, which operate through a general equilibrium increase in labor demand,far outweigh direct effects such as intertemporal substitution. This finding is instark contrast to small- and medium-scale Representative Agent New Keynesian(RANK) economies, where intertemporal substitution drives virtually all of thetransmission from interest rates to consumption.
关键词：Monetary Policy; Heterogeneous Agents; New Keynesian; Consumption;Liquidity; Inequality; Earnings Kurtosis
