论文标题
坦克遇到了迪亚兹 - 阿利贾德罗：家庭异质性，非独立偏好和政策设计
TANK meets Diaz-Alejandro: Household heterogeneity, non-homothetic preferences & policy design
论文作者
论文摘要
本文研究了家庭异质性在进入金融市场中的作用以及商品商品在外国冲击传播中的消费。首先，我使用乌拉圭的调查数据表明，低收入家庭在将其收入的大量份额用于基于商品的商品上，而低收入家庭则无法获得储蓄技术。其次，我构建了一个新的新凯恩斯主义（Tank）小型开放经济模型，其两个主要特征：（i）有限的进入金融市场的机会，以及（ii）与商品商品的非各自义务偏好。我展示了这些特征如何塑造骨料动力学并放大外国冲击。此外，我认为这些功能引入了货币政策的再分配渠道，以及“恐惧浮动”汇率制度的理由。最后，我研究了最佳政策制度的设计，并发现家庭对货币和财政规则具有相反的偏好。
This paper studies the role of households' heterogeneity in access to financial markets and the consumption of commodity goods in the transmission of foreign shocks. First, I use survey data from Uruguay to show that low income households have poor to no access to savings technology while spending a significant share of their income on commodity-based goods. Second, I construct a Two-Agent New Keynesian (TANK) small open economy model with two main features: (i) limited access to financial markets, and (ii) non-homothetic preferences over commodity goods. I show how these features shape aggregate dynamics and amplify foreign shocks. Additionally, I argue that these features introduce a redistribution channel for monetary policy and a rationale for "fear-of-floating" exchange rate regimes. Lastly, I study the design of optimal policy regimes and find that households have opposing preferences a over monetary and fiscal rules.
