Monetary Policy and Inequality Under Labor Market Frictions and Capital-Skill Complementarity
研究发现货币政策意外宽松会扩大高低技能工人间的劳动收入不平等，通过构建包含不对称搜寻匹配摩擦和资本技能互补的DSGE模型，揭示了资本技能互补带来的动态需求放大机制。
We provide a new channel through which monetary policy has distributional consequences at business cycle frequencies. We show that an unexpected monetary easing increases labor income inequality between high-skilled and less-skilled workers. To rationalize these findings, we build a New Keynesian DSGE model with asymmetric search-and-matching (SAM) frictions and capital-skill complementarity (CSC) in production. We show that CSC on its own introduces a dynamic demand amplification mechanism: the increase in high-skilled employment after a monetary expansion makes complementary capital more productive, encouraging a further rise in investment demand and creating a multiplier effect. SAM asymmetries magnify this channel.