Monetary Policy and the Redistribution Channel, Italy and U.S., 1999-2013, 2001-2002, 2010

This study contains the top-level Panel Study of Income Dynamics (PSID) Stata dataset used for the analysis in "Monetary Policy in the Redistribution Channel", published by Adrien Auclert in the June 2019 issue of the American Economic Review. That article's abstract reads: "This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Three channels affect aggregate spending when winners and losers have different marginal propensities to consume: an earnings heterogeneity channel from unequal income gains, a Fisher channel from unexpected inflation, and an interest rate exposure channel from real interest rate changes. Sufficient statistics from Italian and US data suggest that all three channels are likely to amplify the effects of monetary policy."