Redistributive Policy Shocks and Monetary Policy with Heterogeneous Agents
研究了新兴市场经济体政府为稳定食品价格而进行的农业产出再分配政策冲击对通胀和贫富家庭消费分布的影响，并基于印度数据估计模型，发现非最优货币政策规则下福利成本显著更高。
Abstract Governments in EMDEs routinely intervene in agricultural markets to stabilize food prices in response to adverse shocks. Such interventions involve a large increase in the procurement and redistribution of agricultural output, which we refer to as a redistributive policy shock. What is the impact of a redistributive policy shock on inflation and the distribution of consumption among rich and poor households? We build a two‐sector‐two‐agent NK‐DSGE model and estimate it for India using Bayesian methods. We characterize optimal monetary policy and show that the welfare costs of redistributive policy shocks are significantly higher under nonoptimized rules.