Housing and the Redistributive Effects of Monetary Policy

Michael Reiter and Philipp Hergovich
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Philipp Hergovich: University of Vienna

No 1324, 2016 Meeting Papers from Society for Economic Dynamics

Abstract: We study the redistributive effects of monetary policy in the framework of a large OLG model, with endogenous housing choice, downpayment constraints, and different types of shocks. We pay special attention to the structure of debt, whether it is short-term or long-term, nominal or real. We find that monetary policy shocks have long-lasting effects on the inter-generational wealth distribution. While the debt structure only has a mild effect on aggregate statistics, it matters a lot for how different types of shocks under different monetary policy regimes affect the distribution.

Date: 2016
New Economics Papers: this item is included in nep-cba, nep-dge, nep-mon and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed016:1324

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