Essays on monetary economics
This thesis consists of three chapters on monetary economics. In the first chapter, I explore if a benchmark Heterogeneous Agent New Keynesian (HANK) model fits the heterogeneous response of monetary policy shocks observed in data. The HANK model of Kaplan et al. (2018) predicts a greater increase i...
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| Tipo de recurso: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2020 |
| País: | España |
| Institución: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/670222 |
| Acceso en línea: | http://hdl.handle.net/10803/670222 |
| Access Level: | acceso abierto |
| Palabra clave: | Monetary economics Economia monetària 33 |
| Sumario: | This thesis consists of three chapters on monetary economics. In the first chapter, I explore if a benchmark Heterogeneous Agent New Keynesian (HANK) model fits the heterogeneous response of monetary policy shocks observed in data. The HANK model of Kaplan et al. (2018) predicts a greater increase in income for wealthier households than poorer households from an expansionary monetary policy shock, which is at odds with empirical data. I innovate on the profit distribution scheme in the model to bring the distributional response from a monetary policy shock closer to the empirical evidence. In the second chapter, I analyse how adding downward nominal wage rigidities to a standard New Keynesian model changes the response of the economy to shocks. In the third chapter, which is joint work with Luca Onorante, we explore the effectiveness of bond and corporate security purchases by a central bank within a calibrated two-country New Keynesian model featuring a banking sector. |
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