中國人民大學(xué)經(jīng)濟(jì)學(xué)院陳樸老師作了一場題為“Monetary Policy and the Redistribution Channel(貨幣政策和分銷渠道)”的講座，經(jīng)濟(jì)學(xué)院有政治經(jīng)濟(jì)學(xué)、西方經(jīng)濟(jì)學(xué)、經(jīng)濟(jì)思想史、世界經(jīng)濟(jì)、國際貿(mào)易學(xué)、經(jīng)濟(jì)史、國民經(jīng)濟(jì)學(xué)、網(wǎng)絡(luò)經(jīng)濟(jì)學(xué)、企業(yè)經(jīng)濟(jì)學(xué)、區(qū)域經(jīng)濟(jì)學(xué)、數(shù)量經(jīng)濟(jì)學(xué)、國防經(jīng)濟(jì)、城市經(jīng)濟(jì)學(xué)、國際商務(wù)碩士學(xué)位專業(yè)設(shè)置。講座的主要內(nèi)容是：

　　本文評估再分配的貨幣政策到消費(fèi)的傳導(dǎo)機(jī)制中的作用。利用消費(fèi)者理論，我表明再分配具有見成效只要邊際消費(fèi)傾向(MPC)不同，跨戶，資產(chǎn)負(fù)債表外風(fēng)險(xiǎn)聚集沖擊。預(yù)期到的通貨膨脹產(chǎn)生了一個(gè)費(fèi)舍爾渠道和實(shí)際利率沖擊的利率風(fēng)險(xiǎn)通道;兩個(gè)通道都可能有助于寬松貨幣政策的擴(kuò)張效應(yīng)。該模型預(yù)測，如果美國抵押貸款都有可調(diào)整利率 - 因?yàn)樗麄冊谧鯱.K的.--對消費(fèi)者支出的利率變化的影響將增加一倍以上。此外，這種效應(yīng)將是不對稱的，具有速率增加超過削減將增加它減少開支。

　　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.