Heterogeneous Price Rigidities and Monetary Policy
Heterogeneous Price Rigidities and Monetary Policy
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异质价格刚性与货币政策
DOI：
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发表时间：
2018
期刊：
影响因子：
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通讯作者：
A. Schaab
中科院分区：
文献类型：
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作者：
C. Clayton;Xavier Jaravel;A. Schaab
本文研究了跨部门异质性价格刚性对货币政策的分配效应和总量效应的影响。首先，我们识别并分析表征了在存在部门异质性的情况下出现的一套新的货币政策收入和支出渠道。其次，我们根据经验确定(i)面向受过大学教育的家庭销售的部门价格更刚性，（ii）雇用受过大学教育的家庭的部门价格更刚性，以及（iii）雇用受过大学教育的家庭的部门也向这些家庭销售更多。这些新的事实表明，由于支出渠道（来自(i)）、收入渠道（来自（ii））以及它们通过反馈循环（来自（iii））的放大，货币政策稳定了对受过大学教育的家庭相对更重要的部门。最后，我们建立了一个多部门不完全市场异质代理的新凯恩斯模型，其中不同教育水平的家庭在不同部门工作和消费。我们用这个模型量化了异质性价格刚性的总体和分配效应。在基线校准中，我们发现受过大学教育的家庭的消费对货币政策冲击的敏感性比非大学家庭高22%，而货币政策的总实际效应比同质价格刚性强5%。
This paper investigates the implications of heterogeneous price rigidities across sectors for the distributional and aggregate effects of monetary policy. First, we identify and characterize analytically a new set of earnings and expenditure channels of monetary policy that emerge in the presence of sectoral heterogeneity. Second, we establish empirically that (i) prices are more rigid in sectors selling to college-educated households, (ii) prices are more rigid in sectors employing college-educated households, and (iii) sectors that employ college-educated households also sell more to these households. These new facts suggest that monetary policy stabilizes sectors that matter relatively more for college-educated households, due to an expenditure channel (from (i)), an earnings channel (from (ii)), and their amplification by feedback loops (from (iii)). Finally, we develop a multi-sector incomplete-markets Heterogeneous Agent New Keynesian model, in which households of different education levels work and consume in different sectors. We quantify the aggregate and distributional effects from heterogeneous price rigidities using this model. In the baseline calibration, we find that the consumption of college-educated households is 22% more sensitive to monetary policy shocks as that of non-college households, while the aggregate real effect of monetary policy is 5% stronger than with homogeneous price rigidities.