股票市场参与、不平等与货币政策
Stock Market Participation, Inequality, and Monetary Policy
Review of Economic Studies · 2024 · [{"name": "Davide Melcangi", "affiliation": ["Federal Reserve Bank of New York"]}, {"name": "Vincent Sterk", "affiliation": ["University College London", "Norwegian School of Economics"]}]
中文摘要
近期文献表明，人口中受流动性约束家庭的比例关键性地决定了货币政策传导渠道的组合。本文将异质性中一个不同但重要的维度置于前沿：股票市场参与。我们表明，股票市场参与率不仅塑造政策渠道的组合，还在很大程度上影响总量反应。这是因为，直接的再平衡效应与通过投资产生的间接均衡效应都随股票市场参与者数量的增加而增强，并相互强化。我们在一个定量新凯恩斯模型中展示了这一点，该模型旨在刻画股票市场参与者的人口占比、其在收入和财富分布中的位置及其储蓄率。该模型意味着，随着20世纪80年代以来股票市场参与率的上升，货币政策对实体经济的影响力已显著增强。
Abstract
Abstract Recent literature has shown that the fraction of liquidity-constrained households in the population critically determines the mix of transmission channels of monetary policy. In this article, we bring a different but important dimension of heterogeneity to the forefront: stock market participation. We show that the stock market participation rate not only shapes the mix of policy channels but also heavily affects the aggregate responses. This happens as direct rebalancing effects and indirect equilibrium effects into investment are both increasing in the number of stock market participants, reinforcing each other. We show this in a quantitative New Keynesian model designed to account for the population share of stock market participants, their position in the income and wealth distribution, and their saving rates. The model implies that, as stock market participation has increased since the 1980s, the power of monetary policy on the real economy has strengthened considerably.