Derives closed-form expressions showing that monetary transmission in a TANK model with price and wage stickiness is amplified by heterogeneity-induced IS-slope effects and price-stickiness channels, while deriving a modified welfare loss function.
1The latter is derived from ∂Ωp ∂ηp/ψp = (φ+γ)(ϕ−ρm) {(φ+γ)(ϕ−ρm) + (1−ρm)(1−(φ+γ){λ/(1−λ)}δc)γηp/ψp}2
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Closed-Form of Two-Agent New Keynesian Model with Price and Wage Rigidities
Derives closed-form expressions showing that monetary transmission in a TANK model with price and wage stickiness is amplified by heterogeneity-induced IS-slope effects and price-stickiness channels, while deriving a modified welfare loss function.