【ECON20161202】
宏觀經濟學研討會 （總第197期）  
【時間】2016年3月16日（周三）12：15－13：45
【地點】明法0102教室
【主講】郭豫媚 中國人民大學經濟學院
【主題】 Monetary Policy and the Redistribution Channel (A. Auclert, Working Paper, 2016)
【點評】陳樸 中國人民大學經濟學院助理教授 明尼蘇達大學經濟學博士
【摘要】This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Using consumer theory, I show that redistribution has aggregate effects whenever marginal propensities to consume (MPCs) covary, across households, with balance-sheet exposures to aggregate shocks. Unexpected inflation gives rise to a Fisher channel and real interest rate shocks to an interest rate exposure channel; both channels are likely to contribute to the expansionary effects of accommodative monetary policy. The model predicts that if U.S. mortgages all had adjustable rates--as they do in the U.K.--the effect of interest-rate changes on consumer spending would more than double. In addition, this effect would be asymmetric, with rate increases reducing spending by more than cuts would increase it.
【主持】陳彥斌 教授


人大宏觀經濟學研討會（Macro Workshop）旨在追蹤宏觀經濟學國際最新進展，倡導構建符合國情的動態優化模型，并使用計算機模擬研究經濟增長、收入分配和宏觀政策等中國宏觀經濟重大問題。
聯系人：劉哲希    Email：Macro_Workshop@163.com
資料下載：www.docin.com/mydoc-88265459-1.html
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