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A Multisector TANK-IO model: the heterogeneity in the production economy matters for inequality

Abstract: Recent evidence suggests that firms’ heterogeneity in price rigidity interacts with the production networks interdependencies in the transmission of monetary policy shocks. Moreover, US and euro-area micro-data show that a sizable fraction of households do not hold assets, known as Hand-to-Mouth households. We develop a Multisector Two Agents New Keynesian model with Input-Output linkages (Multisector TANK-IO) to analyze the real effects of monetary policy in the presence of Hand-to-Mouth households, firms’ heterogeneity in price rigidity and the production networks interdependencies. We find that the interaction between the presence of Hand-to-Mouth households and sectoral heterogeneity in price rigidity leads to the amplification of the real effects of monetary policy, with the real wage increase channel playing a key role. If we add the presence of production networks interdependencies, the amplification is even higher as the lower real interest rate incentivizes more spending by the Savers households.

Heterogeneity and the amplification of monetary shocks: A Two-Sectors TANK model

with Pierrick Clerc

Optimal Monetary Policy in a Multisector TANK-IO model

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Undergraduate course, University 1, Department, 2014

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Workshop, University 1, Department, 2015

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