Неравенство и денежно-кредитная политика в модели с тремя группами домохозяйств

Журнал Новой экономической ассоциации. 2026. № 1(70). С. 115–156.

Вихарев П. Л., Novak A., Shulgin A. G.

The paper examines the mutual infl uence of inequality and monetary policy. The THRANK (Three Agent New Keynesian) model introduces the heterogeneity of households in terms of access to the fi nancial market and the size of the subjective discount. The model parameters are calibrated and evaluated based on microdata (RLMS–HSE) and macro- statistics of the Russian Federation. We have identifi ed the shocks of inequality and found that the mutual impact of inequality of consumption and monetary policy is quite weak. A 1 percentage point increase in the Gini index due to inequality shocks leads to a 0.1 percentage point increase in the interest rate. An increase in the interest rate by 1 percentage point in the case of a monetary policy shock leads to an increase in the Gini index by 0.1 percentage points. We have shown that the shocks of inequality associated with the consumption of richer group of households in relation to the consumption of the middle income group cause a more persistent response of all variables. Shocks related to the consumption of poorer group of households relative to the consumption of the middle group have a less persistent but more signifi cant impact on output. The paper demonstrates that a single integral indicator of inequality may be employed to study its role in the business cycle.

Keywords: Dynamic stochastic general equilibrium modeling (DSGE), DSGE-моделирование, Economic inequality, Экономическое неравенство, Monetary policy, household’s heterogeneity, Денежно-кредитная политика, Гетерогенность домохозяйств