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Capital, Income Inequality, and Consumption
Florin Ovidiu Bilbiie
Diego R. Känzig
Paolo Surico
其他書名
The Missing Link
出版
Centre for Economic Policy Research
, 2019
URL
http://books.google.com.hk/books?id=-ohLzAEACAAJ&hl=&source=gbs_api
註釋
A novel complementarity between capital and income inequality leads to a significant amplification of the effects of monetary policy on consumption: a multiplier of the multiplier. We characterize this finding analytically, in a simple saver-spender model, and quantitatively, in a framework featuring nominal rigidities, capital investment, idiosyncratic risk and heterogeneity in household saving and income. A fiscal policy that redistributes profits dampens the monetary policy effects, whereas redistributing capital income yields further amplification. Our model's testable prediction that consumption inequality is more counter-cyclical than income inequality in response to an interest rate shock is consistent with the available empirical evidence.
