INTERGENERATIONAL REDISTRIBUTIVE EFFECTS OF MONETARY POLICY

摘要

This paper investigates the distributional consequences of monetary policy across generations. We use a life-cycle modelwith a rich asset structure as well as nominal and real rigidities, calibrated to the euro area using both macroeconomic aggregates and microeconomic evidence from the Household Finance and Consumption Survey. Life-cycle considerations allow to demonstrate the key role of maturing assets (in contrast to balance sheet holdings) for properly assessing the redistributive effects of monetary policy. The redistribution is mainly driven by nominal assets and labor income, less by real financial assets and housing. Overall, we find that a typical monetary policy easing redistributes welfare from older to younger generations, and decreases net worth inequality associated with lifecycle motives.