Monetary Policy and the Redistribution Channel
评估了再分配在货币政策传导至消费中的作用，利用意大利和美国数据发现收入异质性、意外通胀和利率暴露三个渠道均可能放大货币政策效果。
This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Three channels affect aggregate spending when winners and losers have different marginal propensities to consume: an earnings heterogeneity channel from unequal income gains, a Fisher channel from unexpected inflation, and an interest rate exposure channel from real interest rate changes. Sufficient statistics from Italian and US data suggest that all three channels are likely to amplify the effects of monetary policy.