WorkingPaperSeriesEnergypriceshocks,monetarypolicyandinequalityAlinaBobasu,MichaelDobrew,AmaliaRepeleDisclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.No2967AbstractWestudyhowmonetarypolicyshapestheaggregateanddistributionaleffectsofanenergypriceshock.Basedontheobservedheterogeneityinconsumptionexpo-surestoenergyandhouseholdwealth,webuildaquantitativesmallopen-economyHANKmodelthatmatchessalientfeaturesoftheEuroAreadata.Ourmodelin-corporatesenergyasbothaconsumptiongoodforhouseholdswithnon-homotheticpreferencesaswellasafactorinputintoproductionwithinputcomplementarities.Independentlyofpolicyenergypriceshocksalwaysreduceaggregateconsumption.Householdswithlittlewealtharemoreadverselyaffectedthroughbothadeclineinlaborincomeaswellasnegativedirectpriceeffects.Activepolicyresponsesraisingratesinresponsetoinflationamplifiesaggregateoutcomesthroughareductioninaggregatedemand,butspeedsuptherecoverybyenablinghouseholdstorebuildwealththroughhigherreturnsonsavings.However,low-wealthhouseholdsarefur-theradverselyaffectedastheyhavelittlesavingstorebuildwealthfromandinsteadlooseduetofurtherdeclininglaborincome.Keywords:energyprices,openeconomymodel,heterogeneousagents,monetarypolicy,non-homotheticpreferences.J...
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