Metadata record for Replication data for: Monetary Policy and the Redistribution Channel
113120
Inter-university Consortium for Political and Social Research
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V1
Replication data for: Monetary Policy and the Redistribution Channel
113120
http://doi.org/10.3886/E113120V1
Adrien Auclert
Please see full citation.
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Ann Arbor, MI: Inter-university Consortium for Political and Social Research
Auclert, Adrien. Replication data for: Monetary Policy and the Redistribution Channel. Nashville, TN: American Economic Association [publisher], 2019. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113120V1
[Consumption, MPC, Monetary Policy]
E21 Macroeconomics: Consumption; Saving; Wealth
E31 Price Level; Inflation; Deflation
E43 Interest Rates: Determination, Term Structure, and Effects
E52 Monetary Policy
This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Three channels affect aggregate spending when winners and losers have different marginal propensities to consume: an earnings heterogeneity channel from unequal income gains, a Fisher channel from unexpected inflation, and an interest rate exposure channel from real interest rate changes. Sufficient statistics from Italian and US data suggest that all three channels are likely to amplify the effects of monetary policy.
United States
Italy
Household
PSID 1999-2013 samples SHIW 2010 sample CE 2000-2002 samples
survey data
SHIW from Bank of Italy PSID from Survey Research Center, Institute for Social Research, University of Michigan CE from Bureau of Labor Statistics