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• W2336751164 endingPage "40" @default.
• W2336751164 startingPage "1" @default.
• W2336751164 abstract "We build a New Keynesian business-cycle model with rich household heterogeneity. A central feature is that matching frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of households prefer substantial stabilization of unemployment even if this means deviations from price stability. A monetary policy focused on unemployment stabilization helps Main Street&amp;quot; by providing consumption insurance. It hurts Wall Street&amp;quot; by reducing precautionary saving and, thus, asset prices. On the aggregate level, household heterogeneity changes the transmission of monetary policy to consumption, but hardly to GDP. Central to this result is allowing for self-insurance and aggregate investment." @default.
• W2336751164 created "2016-06-24" @default.
• W2336751164 creator A5001126477 @default.
• W2336751164 creator A5047633221 @default.
• W2336751164 creator A5051273639 @default.
• W2336751164 date "2016-05-01" @default.
• W2336751164 modified "2023-10-16" @default.
• W2336751164 title "Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy" @default.
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