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UID:9147891346a24d0ac13716ca97d6119b
CATEGORIES:Seminars
CREATED:20171102T190306
SUMMARY:Davide Debortoli - Barcelona GSE
DESCRIPTION;ENCODING=QUOTED-PRINTABLE: Monetary Policy with Heterogeneous Agents: Insights from TANK Models  (wit
 h J.ordi Galí)\nAbstract:\n Heterogeneous agents New Keynesian (HANK) model
 s are shown to differ from their representative agent (RANK) counterparts a
 long two dimensions: differences in average consumption at any point in tim
 e between constrained and unconstrained households, and consumption heterog
 eneity within the subset of unconstrained households. These two factors are
  captured in a simple way by two “wedges” that appear in an aggregate Euler
  equation, and whose behavior can be traced in response to any aggregate sh
 ock, allowing us to assess their quantitative significance. A simple two-ag
 ent New Keynesian (TANK) model abstracts completely from heterogeneity with
 in unconstrained agents, but is shown to capture reasonably well the implic
 ations of a baseline HANK model regarding the effects of aggregate shocks o
 n aggregate variables. We discuss the implications of our findings for the 
 design of optimal monetary policy.\n
DTSTAMP:20260405T213931Z
DTSTART:20170918T170000Z
DTEND:20170918T183000Z
SEQUENCE:0
TRANSP:OPAQUE
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