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Displaying results 1 to 12 of 12.

  1. Estimating HANK for central banks
    Author: Acharya, Sushant; Chen, William; Del Negro, Marco; Dogra, Keshav; Gleich, Aidan; Goyal, Shlok; Matlin, Ethan; Lee, Donggyu; Sarfati, Reca; Sengupta, Sikata
    Published: [2023]
    Publisher:  Federal Reserve Bank of New York, [New York, NY]

    We provide a toolkit for efficient online estimation of heterogeneous agent (HA) New Keynesian (NK) models based on Sequential Monte Carlo methods. We use this toolkit to compare the out-of-sample forecasting accuracy of a prominent HANK model, Bayer... more

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    We provide a toolkit for efficient online estimation of heterogeneous agent (HA) New Keynesian (NK) models based on Sequential Monte Carlo methods. We use this toolkit to compare the out-of-sample forecasting accuracy of a prominent HANK model, Bayer et al. (2022), to that of the representative agent (RA) NK model of Smets and Wouters (2007, SW). We find that HANK's accuracy for real activity variables is notably inferior to that of SW. The results for consumption in particular are disappointing since the main difference between RANK and HANK is the replacement of the RA Euler equation with the aggregation of individual households' consumption policy functions, which reflects inequality.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/284031
    Series: Staff reports / Federal Reserve Bank of New York ; no. 1071 (August 2023)
    Subjects: HANK; Bayesian inference; sequential Monte Carlo methods
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  2. Human capital accumulation according to HANK
    Author: Inose, Junya
    Published: [2021]
    Publisher:  RIETI, [Tokyo, Japan]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: RIETI discussion paper series ; 21-E, 070 (August 2021)
    Subjects: HANK; Human Capital; Asset and Income Distribution
    Scope: 1 Online-Ressource (circa 10 Seiten)
  3. Workers, capitalists, and the government
    fiscal policy and income (re)distribution
    Author: Cantore, Cristiano; Freund, Lukas
    Published: [2020]
    Publisher:  University of Cambridge, Faculty of Economics, Cambridge

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Cambridge working paper in economics ; 2095
    Cambridge-INET working paper series ; 2020, 44
    Subjects: Fiscal Policy; Heterogeneity; HANK; TANK
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  4. Make-up strategies with incomplete markets and bounded rationality
    Author: Dobrew, Michael; Gerke, Rafael; Giesen, Sebastian; Röttger, Joost
    Published: [2023]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    We study the impact of market incompleteness and bounded rationality on the effectiveness of make-up strategies. To do so, we simulate a heterogeneous-agent New Keynesian (HANK) model with reflective expectations and an occasionally-binding effective... more

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    We study the impact of market incompleteness and bounded rationality on the effectiveness of make-up strategies. To do so, we simulate a heterogeneous-agent New Keynesian (HANK) model with reflective expectations and an occasionally-binding effective lower bound (ELB) on the policy rate. Our simulations show that make-up strategies can mitigate the negative consequences of the ELB for inflation and real economic activity. This result holds both for our HANK model as well as a corresponding representative-agent (RANK) model with complete markets, suggesting that market (in)completeness is not important for the effectiveness of make-up strategies. However, the stabilisation benefits of make-up strategies are small when agents’ cognitive ability is consistent with micro-evidence. This result is independent of market (in)completeness, emphasising the importance of rational expectations for make-up strategies. Furthermore, while market incompleteness and bounded rationality complement each other in attenuating the effects of forward guidance in our model, we do not observe such a complementarity with respect to the benefits of make-up strategies.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783957299321
    Other identifier:
    hdl: 10419/268488
    Series: Discussion paper / Deutsche Bundesbank ; no 2023, 01
    Subjects: Make-Up Strategies; Incomplete Markets; Bounded Rationality; HANK; Effective Lower Bound; Average Inflation Targeting
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  5. Essays on macroeconomics and inequality
    Author: Wacks, Johannes
    Published: 2021
    Publisher:  Universitätsbibliothek Mannheim, Mannheim

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    Universitätsbibliothek Braunschweig
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    Staats- und Universitätsbibliothek Bremen
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    Universitätsbibliothek Clausthal
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    Fachhochschule Erfurt, Hochschulbibliothek
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Zentrale Hochschulbibliothek Lübeck
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Hochschule Magdeburg-Stendal, Hochschulbibliothek
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    Universitätsbibliothek Mannheim
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    Hochschule Osnabrück, Bibliothek Campus Westerberg
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    Hochschule Magdeburg-Stendal, Standort Stendal, Bibliothek
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    UB Weimar
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    Source: Union catalogues
    Contributor: Krebs, Tom (AkademischeR BetreuerIn)
    Language: English
    Media type: Dissertation
    Format: Online
    Other identifier:
    RVK Categories: QB 910
    Subjects: macroeconomics; inequality; household heterogenity; labor economics; monetary economics; HANK
    Scope: 1 Online-Ressource (circa 196 Seiten), Illustrationen
    Notes:

    Dissertation, Mannheim, Universität Mannheim, 2021
  6. Monetary policy transmission, the labour share and HANK models
    Author: Lenney, Jamie
    Published: January 2022
    Publisher:  Bank of England, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 960
    Subjects: DSGE; DCT; expansionary labour; HANK; inequality; intangible; New Keynesian; perturbation
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  7. The liquidity channel of fiscal policy
    Author: Bayer, Christian; Born, Benjamin; Luetticke, Ralph
    Published: 2021
    Publisher:  ifo Institute - Leibniz Institute for Economic Research at the University of Munich, Munich, Germany

    We provide evidence that expansionary fiscal policy lowers return differences between public debt and less liquid assets-the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian model with incomplete... more

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    We provide evidence that expansionary fiscal policy lowers return differences between public debt and less liquid assets-the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian model with incomplete markets and portfolio choice, in which public debt affects private liquidity. This liquidity channel stabilizes fixed-capital investment. We then quantify the long-run effects of higher public debt and find little crowding out of capital, but a sizable decline of the liquidity premium, which increases the fiscal burden of debt. We show that the revenue-maximizing level of public debt is positive and has increased to 60 percent of GDP post-2010.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
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    Other identifier:
    hdl: 10419/235238
    Edition: This version: April 2021
    Series: Ifo working papers ; 351 (2021)
    Subjects: Business cycles; fiscal policy; HANK; incomplete markets; liquidity premium; public debt
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  8. The unemployment-risk channel in business-cycle fluctuations
    Author: Broer, Tobias; Druedahl, Jeppe; Harmenberg, Karl; Öberg, Erik
    Published: 15 October 2021
    Publisher:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16639
    Subjects: HANK; Search and Matching; unemployment risk; business cycles
    Scope: 1 Online-Ressource (circa 66 Seiten), Illustrationen
  9. On household labour supply in sticky-wage HANK models
    Author: Gerke, Rafael; Giesen, Sebastian; Lozej, Matija; Röttger, Joost
    Published: [2024]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the same amount of hours from all households. As a result, unions do not take account of the fact that (i) households are heterogeneous... more

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    Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the same amount of hours from all households. As a result, unions do not take account of the fact that (i) households are heterogeneous in their willingness to work, and that (ii) some households might have to work more hours than they would like to. In this paper, we consider two departures from the standard modelling approach. First, we consider a model version in which unions can demand different hours from different households, directly taking household heterogeneity into account. In this case, we show that unions find it optimal to ration hours worked for all households, such that nobody works more than desired. Compared to the standard case in which all households work the same amount by assumption, the response of output, wages and inflation to monetary policy shocks becomes notably less pronounced. This attenuation reflects that hours worked respond differently across the income distribution. The second model version we consider maintains the assumption that all households work the same amount but prohibits unions from requiring any household to work more than it would like to. This modification substantially lowers the effective stickiness of nominal wages, resulting in markedly different wage and inflation dynamics.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783957299703
    Other identifier:
    hdl: 10419/282992
    Edition: November 24, 2023
    Series: Discussion paper / Deutsche Bundesbank ; no 2024, 01
    Subjects: Heterogeneous households; HANK; labour supply; nominal wage rigidity; monetary policy
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  10. Aggregate uncertainty, HANK, and the ZLB
    Author: Lin, Alessandro; Peruffo, Marcel
    Published: [2024]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Source: Union catalogues
    Language: English
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    Series: Temi di discussione / Banca d'Italia ; number 1442 (March 2024)
    Subjects: monetary policy; new Keynesian model; HANK; liquidity traps; Zero LowerBound; computational methods
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  11. The role of MPC heterogeneity for fiscal and monetary policy in the Euro Area
    Author: Albacete, Nicolas; Fessler, Pirmin; Pekanov, Atanas
    Published: [2024]
    Publisher:  OeNB, Oesterreichische Nationalbank, Vienna, Austria

    Closely following the seminal contribution of Jappelli and Pistaferri (2014) - based on Italian household survey data - we employ data of 22 European countries to assess the role of heterogeneity of the marginal propensity to consume (MPC) for fiscal... more

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    Closely following the seminal contribution of Jappelli and Pistaferri (2014) - based on Italian household survey data - we employ data of 22 European countries to assess the role of heterogeneity of the marginal propensity to consume (MPC) for fiscal policy in the Euro area. We document an average MPC of 0.46 in the Euro area and illustrate its heterogeneity across countries, household-characteristics, and major items of the households' balance sheets such as cash-on-hand, liquid, and illiquid wealth. Households with low cash-on-hand have on average higher MPCs. Policy experiments show how the (empirically measured heterogeneity of) MPC affects fiscal policy and makes it more effective in stimulating GDP growth than under the assumption of uniform MPCs. We also illustrate how different MPC patterns lead to similar policies having different effects across the members of the Euro area. Therefore, MPC heterogeneity matters for efficient policy design at the national as well as multinational level. Additionally, we also highlight the role of MPC heterogeneity for monetary policy and deliver a large set of parameters ready to be used in calibrations of Heterogenous Agent New Keynesian and similar economic models.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/286405
    Series: Working paper / Oesterreichische Nationalbank ; 254
    Subjects: MPC; household survey; fiscal policy; simulations; HANK
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  12. Monetary-fiscal interaction and the liquidity of government debt
    Author: Cantore, Cristiano; Leonardi, Edoardo
    Published: January 2024
    Publisher:  [London School of Economics and Political Science], [London, UK]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: [CFM discussion paper series] ; [CFM-DP 2024, 06]
    Subjects: monetary-fiscal interaction; liquidity; government debt; HANK
    Scope: 1 Online-Ressource (circa 34 Seiten)