标題：Matching Price Stickiness and MPC: Monetary Policy Implications

主講人：李明浩博士

李明浩博士是北京大學國家發展研究院的助理教授。主要研究領域是宏觀經濟學和貨币經濟學；他的研究興趣集中在貨币政策的傳導機制，以及宏觀經濟中的生産網絡和信息摩擦。目前主持一項國家自然科學基金青年基金。

講座時間：2023年10月17日 星期二 下午14:00-15:30 

講座時間：學院樓3号樓127會議室 

主持人：黃志剛教授，bevictor伟德官网金融學系系主任

内容摘要：This paper documents a negative relationship between households’ marginal propensity to consume (MPC) and the price stickiness of goods they purchase. Households with larger MPC consume goods whose prices are on average more flexible. This group of households experience higher inflation after an expansionary monetary policy shock. We embed this negative relationship into a tractable multi-sector Two-Agent New Keynesian (TANK) model, and show analytically that it dampens the potency of monetary policy. Quantitatively, the real effects of monetary policy are 15 percent less compared to a benchmark model with homogeneous consumption baskets. The optimal monetary policy differs qualitatively from what it would be in its TANK counterpart. Introducing heterogeneous consumption baskets leads to intrinsically inefficient flexible-price equilibrium, and generates a new type of sta- bilization v.s. redistribution tradeoff.

本講座受到第七批青年科研創新團隊支持計劃資助。

撰稿：郭俊傑

審核：彭俞超