Markups, inequality and monetary-fiscal policies

Title	Markups, inequality and monetary-fiscal policies
Creator	朱琇妍 Chu, Shiou-Yen
Contributor	財政系
Key Words	collateral constraint; consumption inequality; nominal rigidity; DSGE
Date	2022-09
Date Issued	6-Jul-2022 15:32:55 (UTC+8)
Summary	This paper reexamines the cyclical behaviors of price markup, profits, and labor share when responding to monetary and fiscal policy shocks in a two-agent, two-branch, and two-sector model. We show that this framework is able to generate procyclical price markup and profits, and countercyclical labor share conditional on expansionary policy shocks. These results are in line with empirical evidences but at odds with the prediction of canonical New Keynesian models. As the share of nondurables in total production decreases, the results reverse. This finding implies expansionary monetary and fiscal policies widen the income inequality between Ricardian households and collateral-constrained households.
Relation	Scottish Journal of Political Economy, Vol.69, No.4, pp.367-395
Type	article
DOI	https://doi.org/10.1111/sjpe.12312

dc.contributor	財政系	-
dc.creator (作者)	朱琇妍	-
dc.creator (作者)	Chu, Shiou-Yen	-
dc.date (日期)	2022-09	-
dc.date.accessioned	6-Jul-2022 15:32:55 (UTC+8)	-
dc.date.available	6-Jul-2022 15:32:55 (UTC+8)	-
dc.date.issued (上傳時間)	6-Jul-2022 15:32:55 (UTC+8)	-
dc.identifier.uri (URI)	http://nccur.lib.nccu.edu.tw/handle/140.119/140807	-
dc.description.abstract (摘要)	This paper reexamines the cyclical behaviors of price markup, profits, and labor share when responding to monetary and fiscal policy shocks in a two-agent, two-branch, and two-sector model. We show that this framework is able to generate procyclical price markup and profits, and countercyclical labor share conditional on expansionary policy shocks. These results are in line with empirical evidences but at odds with the prediction of canonical New Keynesian models. As the share of nondurables in total production decreases, the results reverse. This finding implies expansionary monetary and fiscal policies widen the income inequality between Ricardian households and collateral-constrained households.	-
dc.format.extent	98 bytes	-
dc.format.mimetype	text/html	-
dc.relation (關聯)	Scottish Journal of Political Economy, Vol.69, No.4, pp.367-395	-
dc.subject (關鍵詞)	collateral constraint; consumption inequality; nominal rigidity; DSGE	-
dc.title (題名)	Markups, inequality and monetary-fiscal policies	-
dc.type (資料類型)	article	-
dc.identifier.doi (DOI)	10.1111/sjpe.12312	-
dc.doi.uri (DOI)	https://doi.org/10.1111/sjpe.12312	-