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| 02365nam 2200373zi 4500 |
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| 001 | 9.903150 |
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| 003 | CaOODSP |
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| 005 | 20221107180150 |
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| 006 | m o d f |
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| 007 | cr mn||||||||| |
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| 008 | 210908t20212021onca ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 086 | 1 |aFB3-5/2021-38E-PDF |
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| 100 | 1 |aKuncl, Martin, |eauthor. |
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| 245 | 10|aMonetary policy and the persistent aggregate effects of wealth redistribution / |cby Martin Kuncl and Alexander Ueberfeldt. |
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| 264 | 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2021. |
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| 264 | 4|c©2021 |
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| 300 | |a1 online resource (ii, 57 pages) : |bcolour illustrations. |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = |aDocument de travail du personnel, |x1701-9397 ; |v2021-38 |
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| 500 | |a"Last updated: August 6, 2021." |
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| 504 | |aIncludes bibliographical references (pages 40-42). |
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| 520 | 3 |a"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. |
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| 650 | 0|aWealth|xEconometric models. |
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| 650 | 0|aMonetary policy|xEconometric models. |
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| 650 | 0|aTransmission mechanism (Monetary policy)|xEconometric models. |
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| 650 | 6|aRichesse|xModèles économétriques. |
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| 650 | 6|aPolitique monétaire|xModèles économétriques. |
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| 650 | 6|aMécanismes de transmission (Politique monétaire)|xModèles économétriques. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|v2021-38.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s815 KB|uhttps://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-5-2021-38-eng.pdf |
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