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• W1553733714 abstract "This paper presents and estimates a sticky-price model with heterogenous households and …nancial frictions. Frictions in state-contingent asset markets lead to imperfect risksharing among households with idiosyncratic labor incomes. I study the impacts of the introduced …nancial frictions on optimal monetary policy by documenting implications for the central bank’s objective function, the equation that characterizes in‡ation-output" @default.
• W1553733714 created "2016-06-24" @default.
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• W1553733714 date "2010-02-12" @default.
• W1553733714 modified "2023-09-27" @default.
• W1553733714 title "Monetary policy with heterogeneous households and financial frictions" @default.
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