Hank Carlson, once a successful businessman and a well-respected member of his community, spent nearly two years in prison for check fraud. When he was caught, the community turned on him instantly, and his family suffered financially and socially as a result of his deeds.Carlson did his time...

In this paper I develop a New Keynesian dynamic stochastic general equilibrium model which features three different types of representative agents (THRANK): the poor hand-to- mouth, the wealthy hand-to-mouth and the non-hand-to mouth households. Compared to a full-scale HANK model, this model is...