| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30329 |
| 来源ID | Working Paper 30329 |
| Unconventional Monetary Policy According to HANK | |
| Eric R. Sims; Jing Cynthia Wu; Ji Zhang | |
| 发表日期 | 2022-08-08 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper studies the implications of household heterogeneity for the effectiveness of quantitative easing (QE). We consider a heterogeneous agent New Keynesian (HANK) model with uninsurable household income risk. Financial intermediaries are subject to an endogenous leverage constraint that allows QE to matter. We find that macro aggregates react very similarly to a QE shock in the HANK model compared to a representative agent (RANK) version of the model. This finding is robust across different micro- and macro- distributions of wealth. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Monetary Policy |
| URL | https://www.nber.org/papers/w30329 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/588002 |
| 推荐引用方式 GB/T 7714 | Eric R. Sims,Jing Cynthia Wu,Ji Zhang. Unconventional Monetary Policy According to HANK. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w30329.pdf（579KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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