00000nam 2200000zi 4500 9.903150 CaOODSP 20221107180150 m o d f cr mn||||||||| 210908t20212021onca ob f000 0 eng d CaOODSP eng rda CaOODSP FB3-5/2021-38E-PDF Kuncl, Martin, author. Monetary policy and the persistent aggregate effects of wealth redistribution / by Martin Kuncl and Alexander Ueberfeldt. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2021. ©2021 1 online resource (ii, 57 pages) : colour illustrations. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2021-38 "Last updated: August 6, 2021." Includes bibliographical references (pages 40-42). "We identify a sizable wealth redistribution channel which creates a monetary policy trade-off whereby short-term economic stimulus is followed by persistently lower output over the medium term. This trade-off is stronger in economies with more nominal household debt but weakened by a more aggressive monetary policy stance and under price-level targeting. Given this trade-off, low-for-long episodes can lead to persistently depressed output. The medium-term implications of the wealth redistribution channel rely on the presence of labor supply heterogeneity, which we show both analytically and in the context of an estimated New Keynesian general equilibrium model with household heterogeneity"--Abstract, page ii. Wealth Econometric models. Monetary policy Econometric models. Transmission mechanism (Monetary policy) Econometric models. Richesse Modèles économétriques. Politique monétaire Modèles économétriques. Mécanismes de transmission (Politique monétaire) Modèles économétriques. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2021-38. (CaOODSP)9.806221 PDF 815 KB https://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-38-eng.pdf