The Effect of Monetary Policy on Consumption Inequality: An Analysis of Transmission Channels through TANK Models
通过两主体新凯恩斯模型，区分信贷受限与不受限家庭，发现扩张性货币政策通过收入构成、储蓄再分配和收入异质性三个渠道降低消费不平等，结果与实证一致。
Abstract What transmission channels drive the effect of monetary policy on consumption inequality? This paper investigates this question with tractable Two‐Agent New Keynesian models with search‐and‐matching frictions and wage rigidities. I make a distinction between credit‐constrained households and unconstrained households and find that an expansionary monetary policy shock decreases consumption inequality between those two households through three channels: (i) the income composition channel, through fluctuations in labor and profit income; (ii) the savings redistribution channel, through fluctuations in real interest rate; and (iii) the earnings heterogeneity channel, through fluctuations in unemployment. The results are in line with the empirical evidence.