What model features and calibration strategies yield a large average marginal propensity to
consume (MPC) in heterogeneous agent models? Through a systematic investigation of …

We develop a framework to theoretically and empirically analyze the fluctuations of the
aggregate stock market. Households allocate capital to institutions, which are fairly …

In this paper, we use transaction‐level bank account data from Denmark to study the
dynamics of consumer spending during the COVID‐19 pandemic. We document that …

The 2020 CARES Act directed large cash payments to households. We analyze households'
spending responses using data from a Fintech nonprofit, exploring heterogeneity by income …

Using a large-scale survey of US consumers, we study how the large one-time transfers to
individuals from the CARES Act affected their consumption, saving and labor-supply …

We develop a framework for difference-in-differences designs with staggered treatment
adoption and heterogeneous causal effects. We show that conventional regression-based …

I review the literature on financial speculation driven by belief disagreements from a
macroeconomics perspective. To highlight unifying themes, I develop a stylized …

We generalize the traditional, static Keynesian cross by deriving an intertemporal Keynesian
cross for the dynamic output response to government spending and taxes in microfounded …

We propose a theory of indebted demand, capturing the idea that large debt burdens lower
aggregate demand, and thus the natural rate of interest. At the core of the theory is the …

ABSTRACT We estimate a Heterogeneous-Agent New Keynesian model with sticky
household expectations that matches existing microeconomic evidence on marginal …