Sectoral Heterogeneity and Monetary Policy
研究了部门对利率敏感度不同导致货币政策产生低效波动的问题，提出按利率弹性加权部门、考虑耐用品动态需求并利用前瞻指引减少波动的政策建议，校准模型显示忽视部门波动会造成显著福利损失。
Since sectors differ in their sensitivity to interest rates, monetary policy produces inefficient sectoral fluctuations. In a model with sectoral heterogeneity, I show that policymakers should weight sectors proportionally to their interest elasticities, account for dynamic demand effects from durable goods, and systematically utilize forward guidance to reduce sectoral volatility. A calibrated model confirms these recommendations and finds that neglecting sectoral volatility produces substantial welfare losses. The best-performing policy rule stabilizes a sectorally weighted measure of inflation, plus lags of past durable inflation.