Monetary policy and the persistent aggregate effects of wealth redistribution

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2024-05-01 DOI:10.1016/j.jmoneco.2023.12.003

Martin Kuncl, Alexander Ueberfeldt

引用次数: 0

Abstract

Monetary easing redistributes from savers, some of whom are retired and not adjusting labor supply, to borrowers who reduce their labor supply. This results in persistently lower aggregate labor and output. Hence the interaction of labor supply heterogeneity with heterogeneity in net nominal positions of households creates a monetary policy trade-off whereby short-term economic stimulus is followed by lower output over the medium term. The policy trade-off is stronger in economies with more nominal household debt and a larger wealth share of retired households but weakened by a more aggressive monetary policy stance and under price-level targeting.

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货币政策与财富再分配的持续总体效应

宽松货币政策将储蓄者（其中一些人已经退休，不会调整劳动力供给）的资金重新分配给了减少劳动力供给的借款人。这导致劳动力和产出总量持续下降。因此，劳动力供给的异质性与家庭净名义头寸的异质性相互作用，产生了一种货币政策权衡，即短期经济刺激之后是中期产出的降低。在家庭名义债务较多、退休家庭财富占比较大的经济体中，这种政策权衡会更强，但在更激进的货币政策立场和价格水平目标制下，这种政策权衡会减弱。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.