{"id":"https://openalex.org/W4392837053","doi":"https://doi.org/10.3386/w32166","title":"On the Effects of Monetary Policy Shocks on Income and Consumption Heterogeneity","display_name":"On the Effects of Monetary Policy Shocks on Income and Consumption Heterogeneity","publication_year":2024,"publication_date":"2024-02-01","ids":{"openalex":"https://openalex.org/W4392837053","doi":"https://doi.org/10.3386/w32166"},"language":"en","primary_location":{"id":"doi:10.3386/w32166","doi":"https://doi.org/10.3386/w32166","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w32166","pdf_url":"https://doi.org/10.3386/w32166","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w32166","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5031406824","display_name":"Minsu Chang","orcid":"https://orcid.org/0000-0002-6609-544X","observed_orcids":["https://orcid.org/0000-0002-6609-544X"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I184565670","display_name":"Georgetown University","ror":"https://ror.org/05vzafd60","country_code":"US","type":"education","lineage":["https://openalex.org/I184565670"]},{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Minsu Chang","raw_affiliation_strings":["Georgetown University","Georgetown University Department of Economics 37th St NW & O St NW, ICC 553 Washington DC 20007","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","University of Pennsylvania Department of Economics The Ronald O. Perelman Center for Political Science and Economics 133 South 36th Street Philadelphia, PA 19104-6297"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Georgetown University","institution_ids":["https://openalex.org/I184565670"]},{"raw_affiliation_string":"Georgetown University Department of Economics 37th St NW & O St NW, ICC 553 Washington DC 20007","institution_ids":["https://openalex.org/I184565670"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of Pennsylvania Department of Economics The Ronald O. Perelman Center for Political Science and Economics 133 South 36th Street Philadelphia, PA 19104-6297","institution_ids":["https://openalex.org/I79576946"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5028461018","display_name":"Frank Schorfheide","orcid":"https://orcid.org/0000-0002-4256-634X","observed_orcids":["https://orcid.org/0000-0002-4256-634X"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I184565670","display_name":"Georgetown University","ror":"https://ror.org/05vzafd60","country_code":"US","type":"education","lineage":["https://openalex.org/I184565670"]},{"id":"https://openalex.org/I4210140326","display_name":"Centre for Economic Policy Research","ror":"https://ror.org/04jzmdh37","country_code":"GB","type":"nonprofit","lineage":["https://openalex.org/I4210140326"]},{"id":"https://openalex.org/I79576946","display_name":"University of Pennsylvania","ror":"https://ror.org/00b30xv10","country_code":"US","type":"education","lineage":["https://openalex.org/I79576946"]}],"countries":["GB","US"],"is_corresponding":false,"raw_author_name":"Frank Schorfheide","raw_affiliation_strings":["Centre for Economic Policy Research (CEPR)","Centre for Economic Policy Research (CEPR), London, United Kingdom","National Bureau of Economic Research (NBER)","National Bureau of Economic Research (NBER), 1050 Massachusetts Avenue, Cambridge, MA 02138, United States","University of Pennsylvania - Department of Economics","University of Pennsylvania - Department of Economics, Ronald O. Perelman Center for Political Science, 133 South 36th Street, Philadelphia, PA 19104-6297, United States","University of Pennsylvania - The Penn Institute for Economic Research (PIER)","University of Pennsylvania - The Penn Institute for Economic Research (PIER), Philadelphia, PA, United States","Georgetown University Department of Economics 37th St NW & O St NW, ICC 553 Washington DC 20007","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","University of Pennsylvania Department of Economics The Ronald O. Perelman Center for Political Science and Economics 133 South 36th Street Philadelphia, PA 19104-6297"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Centre for Economic Policy Research (CEPR)","institution_ids":["https://openalex.org/I4210140326"]},{"raw_affiliation_string":"Centre for Economic Policy Research (CEPR), London, United Kingdom","institution_ids":["https://openalex.org/I4210140326"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER), 1050 Massachusetts Avenue, Cambridge, MA 02138, United States","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of Pennsylvania - Department of Economics","institution_ids":["https://openalex.org/I79576946"]},{"raw_affiliation_string":"University of Pennsylvania - Department of Economics, Ronald O. Perelman Center for Political Science, 133 South 36th Street, Philadelphia, PA 19104-6297, United States","institution_ids":["https://openalex.org/I79576946"]},{"raw_affiliation_string":"University of Pennsylvania - The Penn Institute for Economic Research (PIER)","institution_ids":["https://openalex.org/I79576946"]},{"raw_affiliation_string":"University of Pennsylvania - The Penn Institute for Economic Research (PIER), Philadelphia, PA, United States","institution_ids":["https://openalex.org/I79576946"]},{"raw_affiliation_string":"Georgetown University Department of Economics 37th St NW & O St NW, ICC 553 Washington DC 20007","institution_ids":["https://openalex.org/I184565670"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of Pennsylvania Department of Economics The Ronald O. Perelman Center for Political Science and Economics 133 South 36th Street Philadelphia, PA 19104-6297","institution_ids":["https://openalex.org/I79576946"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5031406824"],"corresponding_institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I184565670","https://openalex.org/I79576946"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":11,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9814000129699707,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9814000129699707,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10446","display_name":"Income, Poverty, and Inequality","score":0.006200000178068876,"subfield":{"id":"https://openalex.org/subfields/3312","display_name":"Sociology and Political Science"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.0044999998062849045,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/monetary-policy-shocks","display_name":"monetary policy shocks","score":0.9990000128746033},{"id":"https://openalex.org/keywords/wage-inequality","display_name":"wage inequality","score":0.8330000042915344},{"id":"https://openalex.org/keywords/consumption-inequality","display_name":"consumption inequality","score":0.8529999852180481},{"id":"https://openalex.org/keywords/financial-income","display_name":"financial income","score":0.6690000295639038},{"id":"https://openalex.org/keywords/income-heterogeneity","display_name":"income heterogeneity","score":0.902999997138977},{"id":"https://openalex.org/keywords/unemployment","display_name":"unemployment","score":0.6330000162124634},{"id":"https://openalex.org/keywords/income-distribution","display_name":"income distribution","score":0.5669999718666077}],"concepts":[{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.7306599617004395},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7051308751106262},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.6141474843025208},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5658489465713501},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.33462321758270264},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.3386/w32166","doi":"https://doi.org/10.3386/w32166","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w32166","pdf_url":"https://doi.org/10.3386/w32166","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"doi:10.2139/ssrn.4738603","doi":"https://doi.org/10.2139/ssrn.4738603","is_oa":true,"landing_page_url":"http://dx.doi.org/10.2139/ssrn.4738603","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:RePEc:pen:papers:24-003","doi":null,"is_oa":false,"landing_page_url":"https://economics.sas.upenn.edu/system/files/working-papers/24-003%20PIER%20Paper%20Submission.pdf","pdf_url":"https://economics.sas.upenn.edu/system/files/working-papers/24-003%20PIER%20Paper%20Submission.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:nbr:nberwo:32166","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w32166.pdf","pdf_url":"http://www.nber.org/papers/w32166.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"}],"best_oa_location":{"id":"doi:10.3386/w32166","doi":"https://doi.org/10.3386/w32166","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w32166","pdf_url":"https://doi.org/10.3386/w32166","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[{"display_name":"Reduced inequalities","score":0.7578999996185303,"id":"https://metadata.un.org/sdg/10"},{"display_name":"Decent work and economic growth","score":0.6452000141143799,"id":"https://metadata.un.org/sdg/8"},{"display_name":"No poverty","score":0.5896999835968018,"id":"https://metadata.un.org/sdg/1"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4392837053.pdf","grobid_xml":"https://content.openalex.org/works/W4392837053.grobid-xml"},"referenced_works_count":40,"referenced_works":["https://openalex.org/W621923488","https://openalex.org/W1567834895","https://openalex.org/W2106141919","https://openalex.org/W2117338956","https://openalex.org/W2184242162","https://openalex.org/W2185655515","https://openalex.org/W2253894436","https://openalex.org/W2553269777","https://openalex.org/W2587769550","https://openalex.org/W2587898219","https://openalex.org/W2614629730","https://openalex.org/W2791959148","https://openalex.org/W2796635882","https://openalex.org/W2891767402","https://openalex.org/W2907145232","https://openalex.org/W3003251152","https://openalex.org/W3009906498","https://openalex.org/W3021971632","https://openalex.org/W3084136375","https://openalex.org/W3117248626","https://openalex.org/W3118731276","https://openalex.org/W3121405237","https://openalex.org/W3124391625","https://openalex.org/W3125254852","https://openalex.org/W3136038698","https://openalex.org/W3152667284","https://openalex.org/W3199862297","https://openalex.org/W4210996292","https://openalex.org/W4230183285","https://openalex.org/W4240782261","https://openalex.org/W4293761855","https://openalex.org/W4319315198","https://openalex.org/W4363609106","https://openalex.org/W4363648925","https://openalex.org/W4393066221","https://openalex.org/W6691885109","https://openalex.org/W6756030464","https://openalex.org/W6767978979","https://openalex.org/W6796275885","https://openalex.org/W6862811455"],"related_works":["https://openalex.org/W2953452710","https://openalex.org/W7098505757","https://openalex.org/W7099877168","https://openalex.org/W2614629730","https://openalex.org/W4289933673","https://openalex.org/W2929123814","https://openalex.org/W4414588820","https://openalex.org/W2403155189","https://openalex.org/W2769813672","https://openalex.org/W2342264066"],"abstract_inverted_index":{"In":[0],"this":[1],"paper":[2],"we":[3],"use":[4],"the":[5,19,29,36,46],"functional":[6],"vector":[7],"autoregression":[8],"(VAR)":[9],"framework":[10],"of":[11,21,32,68],"Chang,":[12],"Chen,":[13],"and":[14,26,41,78],"Schorfheide":[15],"(2024)":[16],"to":[17],"study":[18],"effects":[20],"monetary":[22,55],"policy":[23,56],"shocks":[24],"(conventional":[25],"informational)":[27],"on":[28,75,81],"cross-sectional":[30],"distribution":[31],"U.S.":[33],"earnings":[34,59],"(from":[35],"Current":[37],"Population":[38],"Survey),":[39],"consumption,":[40],"financial":[42,82],"income":[43,83],"(both":[44],"from":[45],"Consumer":[47],"Expenditure":[48],"Survey).We":[49],"find":[50],"that":[51],"a":[52,71],"conventional":[53],"expansionary":[54],"shock":[57],"reduces":[58],"inequality,":[60,84],"in":[61],"large":[62],"part":[63],"by":[64],"lifting":[65],"individuals":[66],"out":[67],"unemployment.There":[69],"is":[70],"weakly":[72],"positive":[73],"effect":[74,80],"consumption":[76],"inequality":[77],"no":[79],"but":[85],"credible":[86],"bands":[87],"are":[88],"wide.":[89]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":8},{"year":2024,"cited_by_count":2}],"updated_date":"2026-10-27T15:51:10.671819","created_date":"2024-03-15T00:00:00"}
