A Tail Of Labor Supply And A Tale Of Monetary Policy
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A Tail Of Labor Supply And A Tale Of Monetary Policy
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Author : Cristiano Cantore
language : en
Publisher:
Release Date : 2022
A Tail Of Labor Supply And A Tale Of Monetary Policy written by Cristiano Cantore and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
We study the interaction between monetary policy and labor supply decisions at the household level. We uncover evidence of heterogeneous responses and a strong income effect on labor supply in the left tail of the income distribution, following a monetary policy shock in the US and the UK. That is, while aggregate hours and labor earnings decline, employed individuals at the bottom of the income distribution increase their hours worked in response to an interest rate hike. Moreover, their response is stronger in magnitude relative to other income groups. We rationalize this using a two-agent New-Keynesian (TANK) model where our empirical findings can be replicated with a lower intertemporal elasticity of substitution for the Hand-to-Mouth households. This setup has important implications for the impact of inequality on the transmission of monetary policy. We unveil a novel dampening effect on aggregate demand generated by the Hand-to-Mouth substitution of leisure for consumption following a negative income shock. Therefore we show that the impact of inequality on the transmission mechanism of monetary policy is highly dependent on the different layers of heterogeneity on the household side and the different combinations of nominal and real frictions. More inequality does not necessarily generate a stronger response of aggregate demand after a monetary policy shock.
A Tail Of Labour Supply And A Tale Of Monetary Policy
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Author : Cristiano Cantore
language : en
Publisher:
Release Date : 2022
A Tail Of Labour Supply And A Tale Of Monetary Policy written by Cristiano Cantore and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
We study the interaction between monetary policy and labour supply decisions at the household level. We uncover evidence of heterogeneous responses and a strong income effect on labour supply in the left tail of the income distribution, following a monetary policy shock in the US and the UK. That is, while aggregate hours and labour earnings decline, employed individuals at the bottom of the income distribution increase their hours worked in response to an interest rate hike. Moreover, their response is stronger in magnitude relative to other income groups. We rationalize this using a two-agent New-Keynesian (TANK) model where our empirical findings can be replicated with a lower intertemporal elasticity of substitution for the Hand-to-Mouth households. This setup has important implications for the impact of inequality on the transmission of monetary policy. We unveil a novel dampening effect on aggregate demand generated by the Hand-to-Mouth substitution of leisure for consumption following a negative income shock. Therefore we show that the impact of inequality on the transmission mechanism of monetary policy is highly dependent on the different layers of heterogeneity on the household side and the different combinations of nominal and real frictions. More inequality does not necessarily generate a stronger response of aggregate demand after a monetary policy shock.
The Labor Demand And Labor Supply Channels Of Monetary Policy
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Author : Sebastian Graves
language : en
Publisher:
Release Date : 2023
The Labor Demand And Labor Supply Channels Of Monetary Policy written by Sebastian Graves and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
Labor Supply Shocks Labor Force Entry And Monetary Policy
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Author : Takushi Kurozumi
language : en
Publisher:
Release Date : 2022
Labor Supply Shocks Labor Force Entry And Monetary Policy written by Takushi Kurozumi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Innocent Bystanders Monetary Policy And Inequality In The U S
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Author : Mr.Olivier Coibion
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01
Innocent Bystanders Monetary Policy And Inequality In The U S written by Mr.Olivier Coibion and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-01 with Business & Economics categories.
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.
Monetary Policy In Times Of Crisis
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Author : Massimo Rostagno
language : en
Publisher: Oxford University Press
Release Date : 2021
Monetary Policy In Times Of Crisis written by Massimo Rostagno and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Business & Economics categories.
The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Background Studies For The Ecb S Evaluation Of Its Monetary Policy Strategy
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Author : Otmar Issing
language : en
Publisher:
Release Date : 2003
Background Studies For The Ecb S Evaluation Of Its Monetary Policy Strategy written by Otmar Issing and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
Monetary Policy Strategy
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Author : Frederic S. Mishkin
language : en
Publisher: MIT Press
Release Date : 2009-08-21
Monetary Policy Strategy written by Frederic S. Mishkin and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08-21 with Business & Economics categories.
A leading academic authority and policymaker discusses monetary policy strategy from the perspectives of both scholar and practitioner, offering theory, econometric evidence, and extensive case studies. This book by a leading authority on monetary policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level policymaker. He is especially well positioned to discuss the changes in the conduct of monetary policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategy describes his work over the last ten years, offering published papers, new introductory material, and a summing up, “Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask,” which reflects on what we have learned about monetary policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary policy.
Indonesia
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Author : Edimon Ginting
language : en
Publisher: Asian Development Bank
Release Date : 2018-02-01
Indonesia written by Edimon Ginting and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-01 with Business & Economics categories.
The book focuses on Indonesia's most pressing labor market challenges and associated policy options to achieve higher and more inclusive economic growth. The challenges consist of creating jobs for and the skills in a youthful and increasingly better educated workforce, and raising the productivity of less-educated workers to meet the demands of the digital age. The book deals with a range of interrelated topics---the changing supply and demand for labor in relation to the shift of workers out of agriculture; urbanization and the growth of megacities; raising the quality of schooling for new jobs in the digital economy; and labor market policies to improve both labor standards and productivity.
Monetary Theory And Policy
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Author : Carl E. Walsh
language : en
Publisher: MIT Press
Release Date : 2003
Monetary Theory And Policy written by Carl E. Walsh and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
An overview of recent theoretical and policy-related developments in monetary economics.