2021年2月9日下午15点--基于HANK模型的货币政策(KMV, 2018, AER)
We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to consume because of two key features: multiple assets with different degrees of liquidity and an idiosyncratic income process with leptokurtic income changes. 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 intertemporal substitution drives virtually all of the transmission from interest rates to consumption.
因小编比较喜欢Moll
在这里贴一下，其他两位作者也都很厉害的
Benjamin Moll现在LES
他在主页上这样写道：
I am a macroeconomist interested in understanding inequality within and across countries.
My work seeks to advance two core research agendas. The first addresses one of the longest-standing questions in economics: “Why are some countries so much poorer than others?” The second is to understand how the enormous heterogeneity observed at the micro level, and in particular, the vast disparities in income and wealth, impact the macroeconomy and macroeconomic policy. My work approaches these questions with a mix of theory and empirics.
My current work aims to improve our understanding of the causes of the unequally distributed growth observed in many developed countries and the macroeconomic and distributional consequences of both monetary and fiscal policy.