Intergenerational redistributive effects of monetary policy

• Autorzy: Marcin Bielecki , Michał Brzoza-Brzezina , Marcin Kolasa
• Języki publikacji: EN

Abstrakty

EN

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. We show that the life-cycle profiles of income and asset accumulation decisions are important determinants of redistributive effects of monetary shocks and ignoring them can lead to highly misleading conclusions. The redistribution is mainly driven by nominal assets and labor income, less by real and housing assets. Overall, we find that a typical monetary policy easing redistributes welfare from older to younger generations. (original abstract)

Słowa kluczowe

EN

Monetary policy; Life cycle model; Redistribution of income; Wealth redistribution

PL

Polityka pieniężna; Model cyklu życia; Redystrybucja dochodów; Podział bogactwa

• Czasopismo: Collegium of Economic Analysis SGH - Working Papers
• Rocznik: 2021
• Numer: nr 64
• Strony: 40

Twórcy

autor

Marcin Bielecki

• University of Warsaw and Narodowy Bank Polski

autor

Michał Brzoza-Brzezina

• SGH Warsaw School of Economics; National Bank of Poland

autor

Marcin Kolasa

• SGH Warsaw School of Economics, Poland

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