BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//jEvents 2.0 for Joomla//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
UID:ab191fa344946be85c605176081dcd6c
CATEGORIES:Seminars
CREATED:20230131T072325
SUMMARY:Lunch Seminar: Greg Kaplan -University of Chicago
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nPrice Level and Inflation Dynamics in Heterogeneous Agent Economies\n\n
 \nAbstract:\nWe study steady-state and dynamic equilibria in heterogeneous 
 agent economies with nominal government debt and flexible prices. When gove
 rnments run a surplus, conditions for price level and inflation determinati
 on mirror analogous representative agent economies. However, the quantitati
 ve effects differ because of movements in the real interest rate that arise
  from redistribution of real wealth. When governments run a deficit, steady
  state equilibria exist with heterogeneous agents -- unlike in a representa
 tive agent economy -- provided that the level of deficits is not too large.
  In these economies the real interest rate is below the growth rate of the 
 economy. With fixed deficits, there are two steady-state equilibria of the 
 real economy and multiple dynamic equilibria. In general, the price level a
 nd inflation are not uniquely determined. We describe fiscal and monetary p
 olicy rules that deliver uniqueness. We use the framework to illustrate how
  redistribution amplifies price level increases  in response to fiscal
  helicopter drops, deficit expansions, loose monetary policy and negative p
 roductivity shocks.\n
DTSTAMP:20260606T231238Z
DTSTART:20230620T010000Z
DTEND:20230620T140000Z
SEQUENCE:0
TRANSP:OPAQUE
END:VEVENT
END:VCALENDAR