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SUMMARY:Cristiano Cantore (Sapienza – Università di Roma)
DTSTART;TZID=Europe/Berlin:20250514T121500
DTEND;TZID=Europe/Berlin:20250514T133000
DTSTAMP:20260918T140833Z
UID:6ee19190a031440aa521713ee9408719@www.econ.uni-bonn.de
CREATED:20250226T101929Z
DESCRIPTION:We study the interaction between monetary policy and labor sup
 ply decisions at the household level. We uncover evidence of heterogeneous
  responses and a strong countercyclicality of hours worked in the left tai
 l of the income distribution. While aggregate hours and labor earnings dec
 line after a monetary tightening\, individuals at the bottom of the income
  distribution increase their hours worked. We show that the empirical patt
 erns are consistent with a standard one-asset HANK model. The model reveal
 s that strong income effects at the bottom of the distribution can account
  for the observed countercyclical labor responses\, highlighting how labor
  supply adjustments act as an additional margin through which households s
 mooth consumption. Comparing this to a model with a homogeneous labor supp
 ly\, we find that labor supply heterogeneity reduces the aggregate MPC and
  further shifts the transmission of monetary policy away from intertempora
 l substitution toward direct income effects.
LAST-MODIFIED:20250521T084849Z
URL:https://www.econ.uni-bonn.de/macro/en/seminars/mef-seminar-summer-2025
 /cristiano-cantore-sapienza-universita-di-roma
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