中国人民大学

　　中国人民大学经济学院陈朴老师作了一场题为“Monetary Policy and the Redistribution Channel(货币政策和分销渠道)”的讲座，经济学院有政治经济学、西方经济学、经济思想史、世界经济、国际贸易学、经济史、国民经济学、网络经济学、企业经济学、区域经济学、数量经济学、国防经济、城市经济学、国际商务相关证书专业设置。讲座的主要内容是：

　　本文评估再分配的货币政策到消费的传导机制中的作用。利用消费者理论，我表明再分配具有见成效只要边际消费倾向(MPC)不同，跨户，资产负债表外风险聚集冲击。预期到的通货膨胀产生了一个费舍尔渠道和实际利率冲击的利率风险通道;两个通道都可能有助于宽松货币政策的扩张效应。该模型预测，如果美国抵押贷款都有可调整利率 - 因为他们在做U.K的.--对消费者支出的利率变化的影响将增加一倍以上。此外，这种效应将是不对称的，具有速率增加超过削减将增加它减少开支。

　　原文：This paper evaluates the role of redistribution in the transmission mechanism of monetary policy to consumption. Using consumer theory, I show that redistribution has aggregate effects whenever marginal propensities to consume (MPCs) covary, across households, with balance-sheet exposures to aggregate shocks. Unexpected inflation gives rise to a Fisher channel and real interest rate shocks to an interest rate exposure channel; both channels are likely to contribute to the expansionary effects of accommodative monetary policy. The model predicts that if U.S. mortgages all had adjustable rates--as they do in the U.K.--the effect of interest-rate changes on consumer spending would more than double. In addition, this effect would be asymmetric, with rate increases reducing spending by more than cuts would increase it.