国际清算银行-央行如何在货币政策中考虑家庭和企业之间的差异？（英）

BIS Papers No 157 How can central banks take account of differences across households and firms for monetary policy? Monetary and Economic Department June 2025 JEL classification: E52, E58, E2, C53, C8 Keywords: cross-sectional differences, heterogeneity, monetary policy, central banking, household inequality, between-firm inequality, informality, distributional effects, granular data, surveys, central bank communication Papers in this volume were prepared for a meeting of emerging market Deputy Governors organised by the Bank for International Settlements on 17–18 March 2025. The views expressed are those of the authors and do not necessarily reflect the views of the BIS or the central banks represented at the meeting. Individual papers (or excerpts thereof) may be reproduced or translated with the authorisation of the authors concerned. This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1682-7651 (online) ISBN 978-92-9259-857-0 (online) BIS Papers No 148 iContents BIS background paper How can central banks take account of differences across households and firms for monetary policy? Yingwei Dong, Tirupam Goel, Emanuel Kohlscheen and Philip Wooldridge ................... 1 Contributed papers Monetary Policy and Distribution: Insights from Argentina Central Bank of Argentina .................................................................................................................. 33 Firm and household heterogeneity at the Central Bank of Chile Central Bank of Chile ............................................................................................................................ 45 Addressing heterogeneity via structural monetary policy: China’s practices People’s Bank of China ........................................................................................................................ 63 Changes in the distribution of new loans by risk category throughout the post-pandemic credit cycle in Colombia Central Bank of Colombia .................................................................................................................. 73 Household and firm heterogeneity Czech National Bank ......................................................................................................................... 103 Monetary policy decision-making: how are household and firm heterogeneity incorporated? Hong Kong Monetary Authority ................................................................................................... 121 Monetary policy decision-making: how are household and firm heterogeneity incorporated in Hungary? Magyar Nemzeti Bank ...................................................................................................................... 131 Monetary policy and heterogeneities – India Reserve Bank