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[宏观经济学研讨会]Monetary Policy According to HANK
发文时间:2016-04-11
【ECON20161206】
宏观经济学研 (总第201期)  
【时间】2016年4月13日(周三)12:15-13:45
【地点】明法0102教室
【主讲】黄源 新葡京官方
【主题】Monetary Policy According to HANK (G. Kaplan et al., NBER Working Paper, 2016)
【点评】张际 清华大学五道口金融新葡京官方 助理教授 加利福尼亚大学圣地亚哥分校经济学博士
【摘要】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 Representative Agent New Keynesian (RANK) economies.
【主持】陈彦斌 教授


新葡京官方 宏观经济学研讨会(Macro Workshop)旨在追踪宏观经济学国际最新进展,倡导构建符合国情的动态优化模型,并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。
联系人:刘哲希    Email:[email protected]
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