Monetary Policy and Inequality
研究了货币政策是否影响不平等、家庭异质性是否改变对货币政策传导的理解、以及不平等是否影响最优货币政策操作，发现货币政策对消费分布影响较均匀，对总量影响有限，即使有分配目标也不应大幅偏离常规政策。
We ask three questions about the connection between monetary policy and inequality. First, does monetary policy affect inequality? While different households respond to changes in monetary policy for different reasons, we argue that the overall consumption effects are relatively evenly distributed across households. Second, does household heterogeneity change our understanding of monetary policy transmission? A more careful account of microeconomic consumption behavior materially alters our understanding of transmission channels, but has rather limited effect on our general view of the aggregate effects of monetary policy. Third, does inequality affect the optimal conduct of monetary policy? Since monetary policy is a rather blunt distributional tool, we argue that even a central bank with an explicit distributional mandate would not deviate much from conventional policy prescriptions.