Monetary transmission with income risk

In periods of distress, observed and perceived income risk tends to rise. Does this heightened income risk affect monetary transmission? This paper first shows that in partial equilibrium, heightened income risk dampens the substitution effect of interest rate changes but amplifies the indirect inco...

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Veröffentlicht in:	The Scandinavian journal of economics 2023-04, Vol.125 (2), p.441-460
1. Verfasser:	Holm, Martin B.
Format:	Artikel
Sprache:	eng
Schlagworte:	Equilibrium Income risk Interest rates monetary policy Psychological distress
Online-Zugang:	Volltext
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