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Heterogeneity and Monetary Policy: A Thematic Review

Felipe Alves, Christian Bustamante, Xing Guo, Katya Kartashova (), Soyoung Lee, Thomas Michael Pugh, Kurt See (), Yaz Terajima () and Alexander Ueberfeldt

No 2022-2, Discussion Papers from Bank of Canada

Abstract: The heterogeneity of businesses and households impacts aggregate economic fluctuations and, in turn, is shaped by aggregate fluctuations. This view has emerged over the last decade with strong implications for the transmission and conduct of monetary policy. Our thematic review focuses on key aspects of this new theory as well as its underlying assumptions. We place the insights in a Canadian context using relevant microeconomic and macroeconomic data.

Keywords: Economic models; Monetary policy and uncertainty; Monetary policy transmission (search for similar items in EconPapers)
JEL-codes: D25 D31 E22 E24 E50 E52 (search for similar items in EconPapers)
Pages: 43 pages
Date: 2022-02
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Handle: RePEc:bca:bocadp:22-2