2021年11月19日 CIGS Virtual Macroeconomics Workshop（オンライン・DSGE Workshop共催）

発表者：

中島 誠 氏 (FRB Philadelphia)

タイトル：

"Monetary Policy with Racial Inequality"

概要：

This paper presents a heterogeneous-agent New-Keynesian model which features racial inequality in terms of income, wealth, and labor market risks, and studies how monetary policy affects different racial groups differently. The calibrated model can replicate the empirical finding that an accommodative monetary policy shock narrows the Black-White unemployment rate gap, as the higher job separation rate among Black workers make the value of their job more sensitive to a temporary monetary policy shock. The model indicates that Black and Hispanic workers benefit more from accommodative monetary policy than White workers, since they are more likely to be liquidity constrained and thus hand-to-mouth, and they face higher labor market risks, which are mitigated by accommodative monetary policy.

研究会幹事：

キヤノングローバル戦略研究所 研究主幹　小林 慶一郎
　　　　　　　　　　　　　　主任研究員　稲葉 大
　　　　　　　　　　　　　　主任研究員　奴田原 健悟
　　　　　　　　　　　　　　研究員　白井 大地