经济
李嘉图等价
货币政策
消费(社会学)
利率
新凯恩斯主义经济学
市场流动性
货币经济学
一般均衡理论
财政政策
计量经济学
凯恩斯经济学
宏观经济学
社会科学
社会学
作者
Greg Kaplan,Benjamin Moll,Giovanni L. Violante
摘要
We revisit the transmission mechanism from monetary policy to household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of wealth and marginal propensities to consume because of two features: uninsurable income shocks and multiple assets with different degrees of liquidity and different returns. In this environment, the indirect effects of an unexpected cut in interest rates, which operate through a general equilibrium increase in labor demand, far outweigh direct effects such as intertemporal substitution. This finding is in stark contrast to small- and medium-scale Representative Agent New Keynesian (RANK) economies, where the substitution channel drives virtually all of the transmission from interest rates to consumption. Failure of Ricardian equivalence implies that, in HANK models, the fiscal reaction to the monetary expansion is a key determinant of the overall size of the macroeconomic response. (JEL D31, E12, E21, E24, E43, E52, E62)
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