The Regional Keynesian Cross
We study monetary policy transmission across space. Empirically, we show that two channels explain a sizable portion of the variation in the regional effects of identified U.S. monetary policy shocks: local marginal propensities to consume (MPCs), as captured by household wealth, and industry compos...
| Main Authors: | , , |
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| Format: | Working paper |
| Language: | English |
| Published: |
University of Oxford
2022
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