Household Income, Portfolio Choice, and Heterogeneous Consumption Responses to Monetary Policy Shocks
利用美国家庭数据，发现扩张性货币政策对高收入家庭的消费刺激效果大于低收入家庭，并构建包含非流动性资产和政府转移支付异质性的模型来解释这一现象。
Abstract This paper quantifies the roles played by income‐level heterogeneity in the response of consumption to monetary policy shocks using U.S. household data. We show empirically that the response of consumption to expansionary monetary policy shocks is larger for high‐income households than for low‐income households. Empirical facts related to household characteristics suggest two channels: the presence of illiquid assets and heterogeneity in government transfers. Motivated by these empirical findings, we develop a model that incorporates illiquid assets and heterogeneity in government transfers to quantify the importance. Simulations based on the model indicate that the presence of illiquid assets, whose return increases in response to expansionary monetary shocks, is essential for explaining the heterogeneous consumption response.