How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and...

Food insecurity and hunger have traditionally been measured by aggregate food supplies or by variables correlated with food insecurity. Because these measures often poorly reflect individuals’ true deprivation, economists have turned to surveys with direct questions about food insecurity....