Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/273327 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
DIW Discussion Papers No. 2044
Verlag: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Zusammenfassung: 
How does a monetary union alter the impact of business cycle shocks at the household level? We develop a Heterogeneous Agent New Keynesian model of two countries (HANK2) and show in closed form that a monetary union shifts the adjustment to a shock horizontally - across countries - within the brackets of the union-wide wealth distribution rather than vertically - that is, across the brackets of the union-wide wealth distribution. Calibrating the model to the euro area reveals that a monetary union alters the impact of shocks most strongly in the tails of the wealth distribution but leaves the middle class almost unaffected.
Schlagwörter: 
HANK2
OCA theory
Two-country model
monetary union
spillovers
monetary policy
heterogeneity
inequality
households
JEL: 
F45
E52
D31
Dokumentart: 
Working Paper

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