Review of Economic Studies · 2018 · Tobias Broer、Niels‐Jakob Hansen、Per L. Krusell、Erik Öberg
中文摘要
我们提出了一个易于处理的新凯恩斯模型异质性主体版本，使我们能够研究不平等与货币政策之间的相互作用。尽管该模型采用了 Huggett–Aiyagari 式的预防性储蓄设定，其简约形式却是一个财富分布高度集中的两主体模型。当价格黏性而工资灵活时，正如教科书中的代表性主体模型那样，货币政策会影响消费分配，但对产出没有影响，因为工人选择不因工资变动而改变其工作时数。这凸显了教科书模型中的一个我们认为是难以令人信服的传导机制：在货币政策刺激下，代表性工人的劳动供给受到她所获利润的极大影响。第一，工资上升所带来的利润下降通过财富效应提高了劳动供给；第二，利润的存在本身削弱了工资上涨的负收入效应。相比之下，当工资刚性时，我们的模型对货币政策冲击的产出和工时反应是合理的。
Abstract
Abstract We present a tractable heterogeneous-agent version of the New Keynesian model that allows us to study the interaction between inequality and monetary policy. Though formulated as a precautionary-saving model à la Huggett–Aiyagari, its reduced form is a two-agent model with a highly concentrated wealth distribution. When prices are sticky and wages flexible, as in the textbook representative-agent model, monetary policy affects the distribution of consumption, but has no effect on output as workers choose not to change their hours worked in response to wage movements. This highlights a transmission mechanism of the textbook model that we find implausible: in response to a monetary stimulus, the representative worker’s labor supply is greatly affected by the profits she receives. First, the lower profits induced by higher wages raise labor supply through a wealth effect and, secondly, the mere presence of profits reduces the negative income effect of a wage rise. When wages are rigid, in contrast, our model exhibits plausible responses of output and hours worked to monetary policy shocks.