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Fiscal and Monetary Policy with Heterogeneous Agents

Auclert, Adrien; Rognlie, Matthew; Straub, Ludwig - National Bureau of Economic Research - 2024

In the past decade, a new paradigm for fiscal and monetary policy analysis has emerged, combining the canonical macro model of income and wealth inequality with the New Keynesian model. These Heterogeneous-Agent New Keynesian ("HANK") models feature new transmission channels and allow for the...

Persistent link: https://www.econbiz.de/10015072932

Global Shocks, Institutional Development, and Trade Restrictions : What Can We Learn from Crises and Recoveries Between 1990 and 2022?

Aizenman, Joshua; Itō, Hiro; Park, Donghyun; Saadaoui, … - National Bureau of Economic Research - 2025

The Global Financial Crisis and the COVID-19 pandemic were two major shocks to the world economy in the 21st century. In this study, we analyze the patterns of recessions and recoveries of 101 advanced and developing economies. We identify the turning points of recessions and expansions between...

Persistent link: https://www.econbiz.de/10015409788

Do Investor Differences Impact Monetary Policy Spillovers to Emerging Markets?

Faia, Ester; Lewis, Karen K.; Zhou, Haonan - National Bureau of Economic Research - 2024

We re-examine monetary policy spillovers to Emerging Market Economies (EME) in the form of capital flow reversals, using sectoral-level securities holdings data for Euro Area investors. In response to a surprise monetary tightening, active investors such as investment funds re-balance their...

Persistent link: https://www.econbiz.de/10015072927

Life-cycle Forces make Monetary Policy Transmission Wealth-centric

Beaudry, Paul; Cavallino, Paolo; Willems, Tim - National Bureau of Economic Research - 2024

of consumption/saving decisions, thereby enriching the determinants of aggregate demand and affecting the transmission of …

Persistent link: https://www.econbiz.de/10014544789

Managing an Energy Shock : Fiscal and Monetary Policy

Auclert, Adrien; Monnery, Hugo; Rognlie, Matthew; … - National Bureau of Economic Research - 2023

This paper studies the macroeconomic effects of energy price shocks in energy-importing economies using a heterogeneous-agent New Keynesian model. When MPCs are realistically large and the elasticity of substitution between energy and domestic goods is realistically low, increases in energy...

Persistent link: https://www.econbiz.de/10014337777

Global Fund Flows and Emerging Market Tail Risk

Chari, Anusha; Stedman, Karlye Dilts; Lundblad, Christian - National Bureau of Economic Research - 2022

Global risk and risk aversion shocks have distinct distributional impacts on emerging market capital flows and returns. In particular, we find salient consequences of these different global shocks for tail risk in emerging markets. Open-end mutual fund trading provides a key mechanism linking...

Persistent link: https://www.econbiz.de/10013435139

How Do Households Respond to Income Shocks?

Krueger, Dirk; Malkov, Egor; Perri, Fabrizio - National Bureau of Economic Research - 2023

components, modest changes in consumption expenditures, and large changes in wealth. We then split the sample in households which … do not own business or real estate wealth, and households who do. For the first group, we find that consumption responses … income shocks can explain well the consumption and wealth responses, both at short and long horizons. For the second group …

Persistent link: https://www.econbiz.de/10014437025

The How and Why of Household Reactions to Income Shocks

Colarieti, Roberto; Mei, Pierfrancesco; Stantcheva, Stefanie - National Bureau of Economic Research - 2024

This paper studies how and why households adjust their spending, saving, and borrowing in response to transitory income shocks. We leverage new large-scale survey data to first quantitatively assess households' intertemporal marginal propensities to consume (MPCs) and deleverage (MPDs) (the...

Persistent link: https://www.econbiz.de/10014512045

Neoclassical Growth Transition Dynamics with One-Sided Commitment

Krueger, Dirk; Li, Fulin; Uhlig, Harald - National Bureau of Economic Research - 2024

equilibrium features imperfect insurance and a non-degenerate cross-sectional consumption distribution. When household labor … dynamics induced by unexpected technology shocks, including the evolution of the consumption distribution, in closed form. Thus … which limits to consumption insurance emerge endogenously due to limited commitment …

Persistent link: https://www.econbiz.de/10015056206

Demand Shocks as Technology Shocks

Bai, Yan; Ríos-Rull, José-Víctor; Storesletten, Kjetil - National Bureau of Economic Research - 2024

qualitatively similar effects as true productivity shocks. These shocks account for a large share of the fluctuations in consumption …

Persistent link: https://www.econbiz.de/10014486260