Inequality and optimal monetary policy in the open economy

IF 3.8 1区经济学 Q1 ECONOMICS

Journal of International Economics Pub Date : 2025-03-11 DOI:10.1016/j.jinteco.2025.104076

Sushant Acharya , Edouard Challe

引用次数: 0

Abstract

We study optimal monetary policy in a tractable Small Open Economy Heterogeneous-Agent New Keynesian (SOE-HANK) model in which households face uninsured idiosyncratic risk and unequal bond-market access. We derive conditions under which optimal policy in our SOE-HANK economy entails domestic producer price stability, extending the ”open-economy divine coincidence” result of Galí and Monacelli (2005) beyond the Representative-Agent benchmark (SOE-RANK). Away from those conditions, inefficient fluctuations in consumption inequality generate monetary policy tradeoffs. Under plausible calibrations for the trade elasticities, the elasticity of intertemporal substitution, and the cyclicality of income risk, the central bank stabilizes output and the exchange rate more than in SOE-RANK.

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开放经济中的不平等与最优货币政策

本文研究了一个可控制的小型开放经济异质代理新凯恩斯（SOE-HANK）模型下的最优货币政策，该模型中家庭面临无保险的特殊风险和不平等的债券市场准入。我们推导出我国国有企业- hank经济中最优政策需要国内生产者价格稳定的条件，将Galí和Monacelli（2005）的“开放经济神圣巧合”结果扩展到代表-代理基准（SOE-RANK）之外。在这些条件之外，消费不平等的低效波动会导致货币政策的权衡。在贸易弹性、跨期替代弹性和收入风险周期性的合理校准下，央行比SOE-RANK更能稳定产出和汇率。

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 International Economics ECONOMICS-

CiteScore

5.80

自引率

6.10%

发文量

期刊介绍： The Journal of International Economics is intended to serve as the primary outlet for theoretical and empirical research in all areas of international economics. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. The Journal especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modelling structure. Empirical analysis should be based on a theoretical framework, and should be capable of replication.