MONETARY POLICY AND INEQUALITY: HOW DOES ONE AFFECT THE OTHER?
研究货币政策如何通过劳动供给渠道影响收入不平等，发现货币政策冲击对不同家庭的劳动供给弹性差异导致分配效应，且更平等的经济中货币政策对产出更有效。
Abstract This article studies a labor‐supply‐side channel affecting the relationship between monetary policy and income inequality. To this end, I build a heterogeneous‐agent New Keynesian economy with indivisible labor in which both macro and micro labor supply elasticities are endogenously generated. First, I find that monetary policy shocks have distributional consequences due to a substantial heterogeneity in labor supply elasticity across households. Second, a more equal economy is associated with more effective monetary policy in terms of output. I document supporting empirical evidence for the key mechanism of the model using microlevel data and state‐level data in the United States.