Publication: Redistributive Inflation and Optimal Monetary Policy
Redistributive Inflation and Optimal Monetary Policy
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Yang, Y. (2025). Redistributive Inflation and Optimal Monetary Policy (No. 25–07; Swiss Finance Institute Research Paper). https://doi.org/10.2139/ssrn.4275770
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Inflation has heterogeneous impacts on households, which then affects optimal monetary policy design. I study optimal monetary policy rules in a quantitative heterogeneous agent New Keynesian (HANK) model where inflation has redistributive effects on households through their different (1) consumption baskets, (2) nominal wealth positions, and (3) earnings elasticities to business cycles. I parameterize the model based on the empirical analysis of these channels using the most recent data. Unlike in representative agent models, a utili
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Yang, Y. (2025). Redistributive Inflation and Optimal Monetary Policy (No. 25–07; Swiss Finance Institute Research Paper). https://doi.org/10.2139/ssrn.4275770
