\"Essays in Household Heterogeneity and Monetary Policy\"

Seunghyeon Lee
My dissertation delves into household heterogeneity and monetary policy. The first essay studies optimal monetary policy in a multi-sector model with heterogeneous consumption baskets and different price indices across households. Based on micro-founded welfare, the first-best outcome is not achievable even in the absence of nominal rigidities: Optimal monetary policy targets non-zero output gaps and benefits borrowing-constrained households. Heterogeneity opens up new redistributive channels for monetary policy that operate through sectoral inflation and relative prices,...
This data repository is not currently reporting usage information. For information on how your repository can submit usage information, please see our documentation.