Inequality aversion and the long-run effectiveness of monetary policy: Bilateral versus group comparison

Arbeitspapier

In this paper we incorporate the two most prominent approaches of inequality aversion, i.e. Fehr and Schmidt (1999) and Bolton and Ockenfels (2000) into an otherwise standard New Keynesian macro model and compare them with respect to their influence on the long-run effectiveness of monetary policy. We find that the choice for Fehr and Schmidt or Bolton and Ockenfels like preferences is of importance only for the quantitative - but not the qualitative - effectiveness of monetary policy in the long-run.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Kiel Working Paper ; No. 1802

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data) ; Price Level; Inflation; Deflation ; Monetary Policy, Central Banking, and the Supply of Money and Credit: General
• Thema: price stickiness ; long-run Phillips curve ; inequality aversion

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Ahrens, Steffen
• Ereignis: Veröffentlichung
• (wer): Kiel Institute for the World Economy (IfW)
• (wo): Kiel
• (wann): 2012

Weitere Informationen

• Handle: http://hdl.handle.net/10419/67343
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ