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 …

In this essay, we discuss the emerging literature in macroeconomics that combines
heterogeneous agent models, nominal rigidities, and aggregate shocks. This literature …

Abstract We recast the Aiyagari–Bewley–Huggett model of income and wealth distribution in
continuous time. This workhorse model—as well as heterogeneous agent models more …

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

We propose a general and highly efficient method for solving and estimating general
equilibrium heterogeneous‐agent models with aggregate shocks in discrete time. Our …

We develop a unique survey that focuses on the job search behavior of individuals
regardless of their labor force status and field it annually starting in 2013. We use our survey …

We characterize optimal policy rules in business-cycle models with nominal rigidities and
heterogeneous households. The derived rules are expressed in terms of the causal effects …

We study the aggregate effects of supply-chain disruptions in the post-pandemic period in a
heterogeneous-firm, general equilibrium model with input-output linkages and a rich set of …

We show how a heterogeneous agent New Keynesian (HANK) model with incomplete
markets and portfolio choice can be estimated in state space using a Bayesian approach. To …

We study the consequences of “regime-induced” exchange rate depreciations by comparing
outcomes for peggers versus floaters to the US dollar in response to a dollar depreciation …