The Geographic Effects of Monetary Policy Shocks
研究了美国各地区对货币政策冲击的反应差异，发现低收入地区反应更敏感，且这种异质性会放大货币政策的总体效果。
Abstract We estimate the effects of monetary policy shocks across local areas in the US and find substantial variation in their responses. There is a positive covariance of the price and employment effects of monetary policy across regions, and more sensitive regions are those with low per capita income. These patterns are consistent with New Keynesian models of a monetary union where regions have different shares of handto- mouth consumers. The model predicts that monetary policy shocks create large differences in consumption and real wages across space, and that heterogeneity across local areas amplifies the aggregate responses to shifts in monetary policy rates.