Paper takes ‘Hank’ approach to eurozone policy transmission

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Studying monetary policy pass-through in a heterogeneous-agent New Keynesian (Hank) framework can shed new light on monetary policy transmission, the authors of a new working paper say.

Jiri Slacalek, Oreste Tristani and Giovanni Violante explore both direct transmission channels, operating through inter-temporal substitution and net interest rate exposure, and indirect channels, such as net nominal exposure, wealth, collateral and labour income.

They stress that the strength of these channels

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