Since the Great Recession, the interest on the relationship between monetary policy and economic inequality among households is re-newed (Coibion et al. (2012), Bivens (2015)). One version is that agent heterogeneity in terms of income and skill affect the macroeconomic outcome of monetary policy (Gornemann et al. (2012), Auclert (2014) and Kaplan et al. (2016)). I.e., inequality is considered to be a channel through which monetary policy works on the real sphere.
Unable to display preview. Download preview PDF.