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Microeconomic Heterogeneity and Macroeconomic Shocks

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Cited by:

  1. Francesco D’Acunto & Daniel Hoang & Michael Weber, 2022. "Managing Households’ Expectations with Unconventional Policies," The Review of Financial Studies, Society for Financial Studies, vol. 35(4), pages 1597-1642.
  2. Tatiana Ryzhikova & Anastasiya Skuratova, 2023. "Bank of Russia Monetary Policy and Household Consumption Expenditure," Russian Journal of Money and Finance, Bank of Russia, vol. 82(1), pages 3-31, March.
  3. Ampudia, Miguel & Georgarakos, Dimitris & Slacalek, Jiri & Tristani, Oreste & Vermeulen, Philip & Violante, Giovanni L., 2018. "Monetary policy and household inequality," Working Paper Series 2170, European Central Bank.
  4. Xing Guo & Pablo Ottonello & Diego J. Perez, 2023. "Monetary Policy and Redistribution in Open Economies," Journal of Political Economy Macroeconomics, University of Chicago Press, vol. 1(1), pages 191-241.
  5. Albertini, Julien & Auray, Stéphane & Bouakez, Hafedh & Eyquem, Aurélien, 2021. "Taking off into the wind: Unemployment risk and state-Dependent government spending multipliers," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 990-1007.
  6. Holmberg, Johan, 2021. "Earnings and Labor Market Dynamics: Indirect Inference Based on Swedish Register Data," Umeå Economic Studies 984, Umeå University, Department of Economics.
  7. Schorfheide, Frank & Chang, Minsu & Chen, Xiaohong, 2021. "Heterogeneity and Aggregate Fluctuations," CEPR Discussion Papers 16183, C.E.P.R. Discussion Papers.
  8. Annalisa Cristini & Piero Ferri, 2021. "Nonlinear models of the Phillips curve," Journal of Evolutionary Economics, Springer, vol. 31(4), pages 1129-1155, September.
  9. Davide Brignone & Alessandro Franconi & Marco Mazzali, 2023. "Robust Impulse Responses using External Instruments: the Role of Information," Papers 2307.06145, arXiv.org.
  10. John Foster, 2021. "The US consumption function: a new perspective," Journal of Evolutionary Economics, Springer, vol. 31(3), pages 773-798, July.
  11. Ribeiro, Gustavo & Teles, Vladmir & Costa-Filho, João, 2023. "The Spending Cap and Monetary Policy Effectiveness," MPRA Paper 116148, University Library of Munich, Germany.
  12. Kuhelika De & Ryan A. Compton & Daniel C. Giedeman & Gary A. Hoover, 2021. "Macroeconomic shocks and racial labor market differences," Southern Economic Journal, John Wiley & Sons, vol. 88(2), pages 680-704, October.
  13. Tobias Broer & Per Krusell & Erik Öberg, 2021. "Fiscal Multipliers: A Heterogenous-Agent Perspective," NBER Working Papers 28366, National Bureau of Economic Research, Inc.
  14. In, Soh Young & Manav, Berk & Venereau, Clothilde M.A. & Cruz R., Luis Enrique & Weyant, John P., 2022. "Climate-related financial risk assessment on energy infrastructure investments," Renewable and Sustainable Energy Reviews, Elsevier, vol. 167(C).
  15. Chan, Jenny & Diz, Sebastian & Kanngiesser, Derrick, 2022. "Energy Prices and Household Heterogeneity: Monetary Policy in a Gas-TANK," MPRA Paper 118543, University Library of Munich, Germany, revised Dec 2022.
  16. Pierre Gosselin & Aïleen Lotz & Marc Wambst, 2021. "A statistical field approach to capital accumulation," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 16(4), pages 817-908, October.
  17. de Ferra, Sergio & Mitman, Kurt & Romei, Federica, 2020. "Household heterogeneity and the transmission of foreign shocks," Journal of International Economics, Elsevier, vol. 124(C).
  18. Cantore, Cristiano & Freund, Lukas B., 2021. "Workers, capitalists, and the government: fiscal policy and income (re)distribution," Journal of Monetary Economics, Elsevier, vol. 119(C), pages 58-74.
  19. Kohlscheen, Emanuel & Lombardi, Marco & Zakrajšek, Egon, 2021. "Income Inequality and the depth of economic downturns," Economics Letters, Elsevier, vol. 205(C).
  20. Efrem Castelnuovo & Guay Lim, 2019. "What Do We Know About the Macroeconomic Effects of Fiscal Policy? A Brief Survey of the Literature on Fiscal Multipliers," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 52(1), pages 78-93, March.
  21. Harmenberg, Karl & Öberg, Erik, 2021. "Consumption dynamics under time-varying unemployment risk," Journal of Monetary Economics, Elsevier, vol. 118(C), pages 350-365.
  22. Aurelien Eyquem & Masahige Hamano, 2022. "Aging, Fertility and Macroeconomic Dynamics," Working Papers 2121, Waseda University, Faculty of Political Science and Economics.
  23. Byoungchan Lee, 2020. "Business Cycles and Earnings Inequality," HKUST CEP Working Papers Series 202001, HKUST Center for Economic Policy.
  24. Adrien Auclert & Ludwig Straub & Matthew Rognlie, 2019. "Micro Jumps, Macro Humps: monetary policy and business cycles in an estimated HANK model," 2019 Meeting Papers 1449, Society for Economic Dynamics.
  25. Muellbauer, John & De Bonis, Riccardo & Liberati, Danilo & Rondinelli, Concetta, 2023. "Why net worth is the wrong concept for explaining consumption: evidence from Italy," INET Oxford Working Papers 2023-27, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
  26. Ngoc-Sang Pham, 2023. "Some Lectures on Macroeconomics," Working Papers hal-04366349, HAL.
  27. Hagedorn, Marcus & Luo, Jinfeng & Manovskii, Iourii & Mitman, Kurt, 2019. "Forward guidance," Journal of Monetary Economics, Elsevier, vol. 102(C), pages 1-23.
  28. Guillermo Santos, 2022. "Optimal fiscal and monetary policy with preference over safe assets," LIDAM Discussion Papers IRES 2022021, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  29. Fan, Ying & Wang, Yidi & Yang, Zan, 2024. "Offspring’s Uncertainty and Dynastic Decisions: Evidence from Urban China," Working Paper Series 24/4, Royal Institute of Technology, Department of Real Estate and Construction Management & Banking and Finance.
  30. Charles Ka Yui LEUNG, 2022. "Housing and Macroeconomics," ISER Discussion Paper 1197, Institute of Social and Economic Research, Osaka University.
  31. Dennis Bonam, 2020. "A convenient truth: The convenience yield, low interest rates and implications for fiscal policy," Working Papers 700, DNB.
  32. Rannenberg, Ansgar, 2021. "State-dependent fiscal multipliers with preferences over safe assets," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 1023-1040.
  33. Anna Spoz & Ilona Skibinska-Fabrowska & Grzegorz Kotlinski & Helena Zukowska, 2021. "The Impact of the Covid-19 Pandemic on the Financial Performance of Public Companies in Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 955-976.
  34. N. B. Melnikov & A. P. Gruzdev & M. G. Dalton & M. Weitzel & B. C. O’Neill, 2021. "Parallel Extended Path Method for Solving Perfect Foresight Models," Computational Economics, Springer;Society for Computational Economics, vol. 58(2), pages 517-534, August.
  35. Aistleitner, Matthias & Gräbner, Claudius & Hornykewycz, Anna, 2021. "Theory and empirics of capability accumulation: Implications for macroeconomic modeling," Research Policy, Elsevier, vol. 50(6).
  36. Neyer, Ulrike & Stempel, Daniel, 2022. "How should central banks react to household inflation heterogeneity?," DICE Discussion Papers 378, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
  37. Eskelinen, Maria, 2021. "Monetary policy, agent heterogeneity and inequality: insights from a three-agent New Keynesian model," Working Paper Series 2590, European Central Bank.
  38. Mali Chivakul & Bernhard Kassner, 2019. "Can Consumption Growth in China Keep Up as Investment Slows?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 61(3), pages 381-412, September.
  39. Grimaud, Alex, 2021. "Precautionary saving and un-anchored expectations," MPRA Paper 110651, University Library of Munich, Germany.
  40. Kurt Mitman & Iourii Manovskii & Marcus Hagedorn, 2017. "The Fiscal Multiplier," 2017 Meeting Papers 1383, Society for Economic Dynamics.
  41. Rocheteau, Guillaume & Weill, Pierre-Olivier & Wong, Tsz-Nga, 2021. "An heterogeneous-agent New-Monetarist model with an application to unemployment," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 64-90.
  42. Jeppe Druedahl & Michael Graber & Thomas H. Jørgensen, 2021. "High Frequency Income Dynamics," CEBI working paper series 21-08, University of Copenhagen. Department of Economics. The Center for Economic Behavior and Inequality (CEBI).
  43. Laura Liu & Mikkel Plagborg-M{o}ller, 2021. "Full-Information Estimation of Heterogeneous Agent Models Using Macro and Micro Data," Papers 2101.04771, arXiv.org, revised Jun 2022.
  44. Adrien Auclert & Bence Bardóczy & Matthew Rognlie & Ludwig Straub, 2021. "Using the Sequence‐Space Jacobian to Solve and Estimate Heterogeneous‐Agent Models," Econometrica, Econometric Society, vol. 89(5), pages 2375-2408, September.
  45. Jasper de Jong & Emmanuel De Veirman, 2019. "Heterogeneity and Asymmetric Macroeconomic Effects of Changes in Loan-to-Value Limits," Working Papers 635, DNB.
  46. Gregory de Walque & Thomas Lejeune & Ansgar Rannenberg, 2023. "Empirical DSGE model evaluation with interest rate expectations measures and preferences over safe assets," Working Paper Research 433, National Bank of Belgium.
  47. Anmol Bhandari & David Evans & Mikhail Golosov & Thomas J. Sargent, 2018. "Inequality, Business Cycles, and Monetary-Fiscal Policy," Working Papers 18-26, New York University, Leonard N. Stern School of Business, Department of Economics.
  48. Kronick, Jeremy M. & Villarreal, Francisco G., 2019. "Distributional Impacts of Low for Long Interest Rates," MPRA Paper 93483, University Library of Munich, Germany.
  49. Edouard Djeutem & Mario He & Abeer Reza & Yang Zhang, 2022. "Household Heterogeneity and the Performance of Monetary Policy Frameworks," Staff Working Papers 22-12, Bank of Canada.
  50. Jin, Gu & Zhu, Tao, 2022. "Heterogeneity, decentralized trade, and the long-run real effects of inflation," Journal of Economic Theory, Elsevier, vol. 201(C).
  51. Martin Eichenbaum, 2023. "On the limits of rational expectations for policy analysis," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 56(4), pages 1221-1237, November.
  52. Broer, Tobias, 2020. "Consumption insurance over the business cycle," CEPR Discussion Papers 14579, C.E.P.R. Discussion Papers.
  53. Slacalek, Jiri & Tristani, Oreste & Violante, Giovanni L., 2020. "Household balance sheet channels of monetary policy: A back of the envelope calculation for the euro area," Journal of Economic Dynamics and Control, Elsevier, vol. 115(C).
  54. Tao Wang, 2023. "Perceived versus Calibrated Income Risks in Heterogeneous-Agent Consumption Models," Staff Working Papers 23-59, Bank of Canada.
  55. Clémence Berson & Raphaël Lardeux & Claire Lelarge, 2021. "The Cognitive Load of Financing Constraints: Evidence from Large-Scale Wage Surveys," Working papers 836, Banque de France.
  56. Marco Pangallo, 2020. "Synchronization of endogenous business cycles," Papers 2002.06555, arXiv.org, revised Jun 2023.
  57. Abildgren, Kim & Kuchler, Andreas, 2021. "Revisiting the inflation perception conundrum," Journal of Macroeconomics, Elsevier, vol. 67(C).
  58. Jonathan Chiu & Miguel Molico, 2021. "Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 42, pages 133-155, October.
  59. Sá, Diogo, 2022. "Liquidity constraints and fiscal multipliers," MPRA Paper 112132, University Library of Munich, Germany.
  60. Chakrabarti, Anindya S. & Mishra, Abinash & Mohaghegh, Mohsen, 2021. "Targeted interventions: Consumption dynamics and distributional effects," IIMA Working Papers WP 2021-09-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
  61. Poledna, Sebastian & Miess, Michael Gregor & Hommes, Cars & Rabitsch, Katrin, 2023. "Economic forecasting with an agent-based model," European Economic Review, Elsevier, vol. 151(C).
  62. Cars Hommes & Mario He & Sebastian Poledna & Melissa Siqueira & Yang Zhang, 2022. "CANVAS: A Canadian Behavioral Agent-Based Model," Staff Working Papers 22-51, Bank of Canada.
  63. Jeppe Druedahl & Emil Bjerre Jensen & Soeren Leth-Petersen, 2022. "The Intertemporal Marginal Propensity to Consume out of Future Persistent Cash-Flows. Evidence from Transaction Data," CEBI working paper series 22-13, University of Copenhagen. Department of Economics. The Center for Economic Behavior and Inequality (CEBI).
  64. Stempel, Daniel & Neyer, Ulrike, 2022. "Should Central Banks Consider Household Inflation Heterogeneity?," VfS Annual Conference 2022 (Basel): Big Data in Economics 264053, Verein für Socialpolitik / German Economic Association.
  65. Macaulay, Alistair, 2021. "The attention trap: Rational inattention, inequality, and fiscal policy," European Economic Review, Elsevier, vol. 135(C).
  66. Magin, Jana Anjali & Neyer, Ulrike & Stempel, Daniel, 2023. "The macroeconomic effects of different CBDC regimes in an economy with a heterogeneous household sector," DICE Discussion Papers 396, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
  67. Madeira, Carlos & Salazar, Leonardo, 2023. "The impact of monetary policy on a labor market with heterogeneous workers: The case of Chile," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 4(2).
  68. Dobrew, Michael & Gerke, Rafael & Giesen, Sebastian & Röttger, Joost, 2023. "Make-up strategies with incomplete markets and bounded rationality," Discussion Papers 01/2023, Deutsche Bundesbank.
  69. Karl Naumann-Woleske & Michael Benzaquen & Maxim Gusev & Dimitri Kroujiline, 2021. "Capital Demand Driven Business Cycles: Mechanism and Effects," Papers 2110.00360, arXiv.org, revised Sep 2022.
  70. Jiequn Han & Yucheng Yang & Weinan E, 2021. "DeepHAM: A Global Solution Method for Heterogeneous Agent Models with Aggregate Shocks," Papers 2112.14377, arXiv.org, revised Feb 2022.
  71. Jonathan Chiu & Miguel Molico, 2021. "Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 42, pages 133-155, October.
  72. Mitman, Kurt & Broer, Tobias & Kohlhas, Alexandre & Schlafmann, Kathrin, 2021. "Information and Wealth Heterogeneity in the Macroeconomy," CEPR Discussion Papers 15934, C.E.P.R. Discussion Papers.
  73. Lee, Byoungchan, 2023. "Wealth Inequality and Endogenous Growth," Journal of Monetary Economics, Elsevier, vol. 133(C), pages 132-148.
  74. Kuhelika De & Ryan A. Compton & Daniel C. Giedeman & Gary A. Hoover, 2019. "Macroeconomic Shocks and Racial Labour Market Differences in the U.S," CESifo Working Paper Series 8004, CESifo.
  75. Piero Ferri & Fabio Tramontana, 2022. "Autonomous demand, multiple equilibria and unemployment dynamics," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 17(1), pages 209-223, January.
  76. Laura Feiveson & Nils M. Gornemann & Julie L. Hotchkiss & Karel Mertens & Jae W. Sim, 2020. "Distributional Considerations for Monetary Policy Strategy," Finance and Economics Discussion Series 2020-073, Board of Governors of the Federal Reserve System (U.S.).
  77. Ngoc-Sang Pham, 2022. "Impacts of (individual and aggregate) productivity and credit shocks on equilibrium aggregate production," Working Papers halshs-03686284, HAL.
  78. Hasumi, Ryo & Iiboshi, Hirokuni, 2019. "A Bayesian Estimation of HANK models with Continuous Time Approach:Comparison between US and Japan," MPRA Paper 92292, University Library of Munich, Germany.
  79. Muellbauer, John, 2018. "The Future of Macroeconomics," INET Oxford Working Papers 2018-10, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
  80. Farmer, Roger & Farmer, Leland, 2022. "Zoomers and Boomers: Asset Prices and Intergenerational Inequality," CEPR Discussion Papers 17594, C.E.P.R. Discussion Papers.
  81. Valérie Chauvin & John Muellbauer, 2018. "Consumption, household portfolios and the housing market in France," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Etudes Economiques (INSEE), issue 500-501-5, pages 157-178.
  82. Beatrice Cherrier & Pedro Garcia Duarte & Aurélien Saïdi, 2023. "Household Heterogeneity in Macroeconomic Models: A Historical Perspective," Post-Print hal-04108500, HAL.
  83. Pham, Ngoc-Sang, 2018. "Credit limits and heterogeneity in general equilibrium models with a finite number of agents," MPRA Paper 88736, University Library of Munich, Germany.
  84. Martin B. Holm, 2023. "Monetary transmission with income risk," Scandinavian Journal of Economics, Wiley Blackwell, vol. 125(2), pages 441-460, April.
  85. Laura Liu & Mikkel Plagborg‐Møller, 2023. "Full‐information estimation of heterogeneous agent models using macro and micro data," Quantitative Economics, Econometric Society, vol. 14(1), pages 1-35, January.
  86. Carreño Bustos, José Gabo, 2023. "Flexible Contracts as Business Cycle Stabilizers," Discussion Paper 2023-007, Tilburg University, Center for Economic Research.
  87. Neyer, Ulrike & Stempel, Daniel, 2021. "Gender discrimination, inflation, and the business cycle," Journal of Macroeconomics, Elsevier, vol. 70(C).
  88. Nicolas Albacete & Pirmin Fessler & Atanas Pekanov, 2024. "The Role of MPC Heterogeneity for Fiscal and Monetary Policy in the Euro Area (Nicolas Albacete, Pirmin Fessler, Atanas Pekanov)," Working Papers 254, Oesterreichische Nationalbank (Austrian Central Bank).
  89. Glenn Abela & William Gatt, 2021. "Saving behaviour in Malta: Insights from the Household Budgetary Survey," CBM Working Papers WP/02/2021, Central Bank of Malta.
  90. David F. Hendry, 2020. "A Short History of Macro-econometric Modelling," Economics Papers 2020-W01, Economics Group, Nuffield College, University of Oxford.
  91. Grimaud, Alex, 2021. "Precautionary saving and un-anchored expectations," MPRA Paper 108931, University Library of Munich, Germany.
  92. Laura Liu & Mikkel Plagborg-M{o}ller, 2021. "Full-Information Estimation of Heterogeneous Agent Models Using Macro and Micro Data," Papers 2101.04771, arXiv.org, revised Jun 2022.
  93. Andreas Tryphonides, 2020. "Heterogeneity and the Dynamic Effects of Aggregate Shocks," Papers 2007.14022, arXiv.org.
  94. Marius Clemens & Ulrich Eydam & Maik Heinemann, 2020. "Inequality over the Business Cycle – The Role of Distributive Shocks," Discussion Papers of DIW Berlin 1852, DIW Berlin, German Institute for Economic Research.
  95. Gaston Gelos & Federico Grinberg & Shujaat Khan & Tommaso Mancini-Griffoli & Machiko Narita & Umang Rawat, 2024. "Has Higher Household Indebtedness Weakened Monetary Policy Transmission?," International Journal of Central Banking, International Journal of Central Banking, vol. 20(1), pages 325-371, February.
  96. Kiana Basiri & Babak Mahmoudi & Chenggang Zhou, 2023. "Who benefits the most? Risk pooling in mortgage loan insurance: Evidence from the Canadian mortgage market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(2), pages 311-337, March.
  97. Fumitaka Nakamura, 2019. "Household Income, Portfolio Choice and Heterogeneous Consumption Responses to Monetary Policy Shocks," IMES Discussion Paper Series 19-E-19, Institute for Monetary and Economic Studies, Bank of Japan.
  98. Jolan Mohimont & Maite de Sola Perea & Marie-Denise Zachary, 2022. "Softening the blow: Job retention schemes in the pandemic," Working Paper Research 414, National Bank of Belgium.
  99. Magin, Jana & Neyer, Ulrike & Stempel, Daniel, 2023. "The Macroeconomic Effects of Different CBDC Regimes in an Economy with a Heterogeneous Household Sector," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277656, Verein für Socialpolitik / German Economic Association.
  100. Dengler, Thomas & Gerke, Rafael & Giesen, Sebastian & Kienzler, Daniel & Röttger, Joost & Scheer, Alexander & Wacks, Johannes, 2024. "A primer on optimal policy projections," Technical Papers 01/2024, Deutsche Bundesbank.
  101. Cherrier, Beatrice & Duarte, Pedro Garcia & Saïdi, Aurélien, 2023. "Household heterogeneity in macroeconomic models: A historical perspective," European Economic Review, Elsevier, vol. 158(C).
  102. P. Campoy-Muñoz & M. A. Cardenete & F. J. De Miguel-Vélez & J. Pérez-Mayo, 2022. "How does fiscal austerity impact on poverty and inequality? The Spanish case," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 39(3), pages 715-737, October.
  103. Rohan Kekre & Moritz Lenel, 2022. "Monetary Policy, Redistribution, and Risk Premia," Econometrica, Econometric Society, vol. 90(5), pages 2249-2282, September.
  104. Xiang Deng & Xiang Cheng, 2019. "Can ESG Indices Improve the Enterprises’ Stock Market Performance?—An Empirical Study from China," Sustainability, MDPI, vol. 11(17), pages 1-13, September.
  105. Felipe Alves & Christian Bustamante & Xing Guo & Katya Kartashova & Soyoung Lee & Thomas Michael Pugh & Kurt See & Yaz Terajima & Alexander Ueberfeldt, 2022. "Heterogeneity and Monetary Policy: A Thematic Review," Discussion Papers 2022-2, Bank of Canada.
  106. Donato Masciandaro & Francesco Passarelli, 2020. "Populism, Political Pressure and Central Bank (in)Dependence," Open Economies Review, Springer, vol. 31(3), pages 691-705, July.
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