A Heterogeneous Agent Model of Energy Consumption and Energy Conservation
研究能源价格上涨时货币政策的传导机制和节能激励，发现货币政策通过失业风险和资产回报影响节能，弱政策反应更有利于福利。
Abstract We investigate monetary policy transmission and energy saving incentives in response to rising energy prices. We add energy in consumption and production, and energy conservation capital, to a tractable New Keynesian model with heterogeneous agents, unemployment risk, and nominal asset holdings. We find that monetary policy influences the energy conservation through both unemployment risk and asset returns; energy price shocks intensify monetary policy trade‐offs in terms of stabilizing inflation and output. A weaker policy response is beneficial in terms of agents' welfare despite higher inflation. The Ramsey policy predicts a strong rise in the policy rate with a decline afterward.