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The Regional Keynesian Cross

Abstract:

We study monetary policy transmission across space. Empirically, we show that two channels explain a sizable portion of the variation in the regional effects of identified U.S. monetary policy shocks: local marginal propensities to consume (MPCs), as captured by household wealth, and industry composition, as measured by the local share of non-tradable employment. Theoretically, we develop a heterogeneous agents New Keynesian (HANK) model of a monetary union with two-layered regional heterogen...

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Publication status:
Published

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Role:
Author
Publisher:
University of Oxford
Series:
Department of Economics Discussion Paper Series
Publication date:
2022-12-24
Paper number:
995
Language:
English
Pubs id:
1317601
Local pid:
pubs:1317601
Deposit date:
2023-01-03

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