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Intergenerational Redistributive Effects of Monetary Policy
Journal of the European Economic Association ( IF 4.301 ) Pub Date : 2021-07-06 , DOI: 10.1093/jeea/jvab032 Marcin Bielecki 1 , Michał Brzoza-Brzezina 2 , Marcin Kolasa 3
Journal of the European Economic Association ( IF 4.301 ) Pub Date : 2021-07-06 , DOI: 10.1093/jeea/jvab032 Marcin Bielecki 1 , Michał Brzoza-Brzezina 2 , Marcin Kolasa 3
Affiliation
This paper investigates the distributional consequences of monetary policy across generations. We use a life-cycle model with a rich asset structure as well as nominal and real rigidities, calibrated to the euro area using both macroeconomic aggregates and microeconomic evidence from the Household Finance and Consumption Survey. Life-cycle considerations allow to demonstrate the key role of maturing assets (in contrast to balance sheet holdings) for properly assessing the redistributive effects of monetary policy. The redistribution is mainly driven by nominal assets and labor income, less by real financial assets and housing. Overall, we find that a typical monetary policy easing redistributes welfare from older to younger generations, and decreases net worth inequality associated with life-cycle motives.
中文翻译:
货币政策的代际再分配效应
本文研究了货币政策在几代人之间的分配后果。我们使用具有丰富资产结构以及名义和实际刚性的生命周期模型,并使用来自家庭金融和消费调查的宏观经济总量和微观经济证据对欧元区进行了校准。生命周期考虑可以证明到期资产(与资产负债表持有量相比)在正确评估货币政策的再分配效应方面的关键作用。再分配主要受名义资产和劳动收入驱动,较少受实物金融资产和住房驱动。总体而言,我们发现典型的宽松货币政策将福利从老一代重新分配给年轻一代,并减少与生命周期动机相关的净资产不平等。
更新日期:2021-07-06
中文翻译:
货币政策的代际再分配效应
本文研究了货币政策在几代人之间的分配后果。我们使用具有丰富资产结构以及名义和实际刚性的生命周期模型,并使用来自家庭金融和消费调查的宏观经济总量和微观经济证据对欧元区进行了校准。生命周期考虑可以证明到期资产(与资产负债表持有量相比)在正确评估货币政策的再分配效应方面的关键作用。再分配主要受名义资产和劳动收入驱动,较少受实物金融资产和住房驱动。总体而言,我们发现典型的宽松货币政策将福利从老一代重新分配给年轻一代,并减少与生命周期动机相关的净资产不平等。