A Model of Endogenous Financial Inclusion: Implications for Inequality and Monetary Policy
构建了一个内生信贷市场参与模型，研究金融包容性对消费不平等和福利的影响，发现消费不平等源于个体参与金融服务的差异，货币政策具有分配效应，并以印度数据校准模型。
Abstract We propose a monetary model with endogenous credit market participation to study the impact of financial inclusion on inequality and welfare. We find that consumption inequality results from differences in agents' decision to access financial services. This heterogeneity generates a pecuniary externality, potentially resulting in some agents overconsuming. Moreover, monetary policy has distributional consequences. To quantify these effects, we calibrate our model to India, accounting for a third of observed consumption inequality. Finally, we analyze various policies aimed at increasing financial inclusion and find that a direct transfer to bank account holders yields the highest welfare and lowest consumption inequality.