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BEGIN:VEVENT
UID:1f0ff4515b8b3c8ed8043b9ae33a9f14
CATEGORIES:Seminars
CREATED:20161216T182502
SUMMARY:Gianluca Violante - New York University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Monetary Policy according to HANK</
 strong></p><p style="text-align: justify;">Abstract:</p><p style="text-alig
 n: justify;">We revisit the transmission mechanism of monetary policy for h
 ousehold consumption in a Heterogeneous Agent New Keynesian (HANK) model. T
 he model yields empirically realistic distributions of household wealth and
  marginal propensities to consumption because of two key features: multiple
  assets with different degrees of liquidity and an idiosyncratic income pro
 cess with leptokurtic income changes. In this environment, the indirect eff
 ects of an unexpected cut in interest rates, that operate through a general
  equilibrium increase in labor demand, far outweigh direct effects such as 
 intertemporal substitution. This finding is in stark contrast to small and 
 medium-scale Representative Agent New Keynesian (RANK) economies, where int
 ertemporal substitution drives virtually all of the transmission from inter
 est rates to consumption.</p>
DTSTAMP:20260404T035039Z
DTSTART:20151214T173000Z
DTEND:20151214T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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