Quantitative macroeconomics with heterogeneous households
Macroeconomics is evolving from the study of aggregate dynamics to the study of the
dynamics of the entire equilibrium distribution of allocations across individual economic …
dynamics of the entire equilibrium distribution of allocations across individual economic …
New dynamic public finance: A user's guide [with comments and discussion]
This paper reviews recent advances in the theory of optimal policy in a dynamic Mirrlees
setting, and contrasts this approach to the one based on the representative-agent Ramsey …
setting, and contrasts this approach to the one based on the representative-agent Ramsey …
Fluctuations in uncertainty
N Bloom - Journal of economic Perspectives, 2014 - aeaweb.org
Uncertainty is an amorphous concept. It reflects uncertainty in the minds of consumers,
managers, and policymakers about possible futures. It is also a broad concept, including …
managers, and policymakers about possible futures. It is also a broad concept, including …
Monetary policy and the redistribution channel
A Auclert - American Economic Review, 2019 - aeaweb.org
This paper evaluates the role of redistribution in the transmission mechanism of monetary
policy to consumption. Three channels affect aggregate spending when winners and losers …
policy to consumption. Three channels affect aggregate spending when winners and losers …
What do data on millions of US workers reveal about lifecycle earnings dynamics?
We study individual male earnings dynamics over the life cycle using panel data on millions
of US workers. Using nonparametric methods, we first show that the distribution of earnings …
of US workers. Using nonparametric methods, we first show that the distribution of earnings …
Macroeconomics and household heterogeneity
The goal of this chapter is to study how, and by how much, household income, wealth, and
preference heterogeneity amplify and propagate a macroeconomic shock. We focus on the …
preference heterogeneity amplify and propagate a macroeconomic shock. We focus on the …
Monetary policy and heterogeneity: An analytical framework
FO Bilbiie - 2018 - papers.ssrn.com
THANK is a tractable heterogeneous-agent New-Keynesian model that captures analytically
key micro-heterogeneity channels of quantitative-HANK: cyclical inequality and risk as …
key micro-heterogeneity channels of quantitative-HANK: cyclical inequality and risk as …
Incomplete markets and aggregate demand
I Werning - 2015 - nber.org
ABSTRACT I study aggregate consumption dynamics under incomplete markets, focusing
on the relationship between consumption and the path for interest rates. I first provide a …
on the relationship between consumption and the path for interest rates. I first provide a …
Uncertainty, financial frictions, and investment dynamics
S Gilchrist, JW Sim, E Zakrajšek - 2014 - nber.org
Micro-and macro-level evidence indicates that fluctuations in idiosyncratic uncertainty have
a large effect on investment; the impact of uncertainty on investment occurs primarily through …
a large effect on investment; the impact of uncertainty on investment occurs primarily through …
The nature of countercyclical income risk
We study business cycle variation in individual earnings risk using a confidential and very
large data set from the US Social Security Administration. Contrary to past research, we find …
large data set from the US Social Security Administration. Contrary to past research, we find …