Monetary Policy and the Redistribution Channel

Adrien Auclert

NBER Working Paper No. 23451
Issued in May 2017

---- Acknowledgments ----

This paper is a revised version of Chapter 1 of my PhD dissertation at MIT. I cannot find enough words to thank my advisors Iván Werning, Robert Townsend and Jonathan Parker for their continuous guidance and support. I also thank many seminar participants for their insights. I have particularly benefited from the detailed comments of the editor (John Leahy), four anonymous referees, as well as Eduardo Dávila, Gauti Eggertsson, Xavier Gabaix, Adam Guren, Gregor Jarosch, Greg Kaplan, Guido Lorenzoni, Ben Moll, Makoto Nakajima, Matthew Rognlie, Yoko Shibuya, Alp Simsek, Christian Stoltenberg and Daan Struyven. Filippo Pallotti provided outstanding research assistance, and the Macro-Financial Modeling Group provided generous financial support. All remaining errors are my own. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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