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BEGIN:VEVENT
UID:1f0ff4515b8b3c8ed8043b9ae33a9f14
CATEGORIES:Seminars
CREATED:20161216T182502
SUMMARY:Gianluca Violante - New York University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Monetary Policy according to HANK\nAbstract:\nWe revisit the transmission m
 echanism of monetary policy for household consumption in a Heterogeneous Ag
 ent New Keynesian (HANK) model. The model yields empirically realistic dist
 ributions of household wealth and marginal propensities to consumption beca
 use of two key features: multiple assets with different degrees of liquidit
 y and an idiosyncratic income process with leptokurtic income changes. In t
 his environment, the indirect effects of an unexpected cut in interest rate
 s, that operate through a general equilibrium increase in labor demand, far
  outweigh direct effects such as intertemporal substitution. This finding i
 s in stark contrast to small and medium-scale Representative Agent New Keyn
 esian (RANK) economies, where intertemporal substitution drives virtually a
 ll of the transmission from interest rates to consumption.\n
DTSTAMP:20260404T034807Z
DTSTART:20151214T173000Z
DTEND:20151214T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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