Optimal Monetary Policy with Heterogeneous Agents: Discretion, Commitment, and Timeless Policy
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This paper characterizes optimal monetary policy in a canonical heterogeneous-agent New Keynesian (HANK) model with wage rigidity. Under discretion, a utilitarian planner faces the incentive to redistribute towards indebted, high marginal utility households, which is a new source of inflationary
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美国国家经济研究局创建时间：
2023-02-01
