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Florin O. Bilbiie

Citations

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Wikipedia or ReplicationWiki mentions

(Only mentions on Wikipedia that link back to a page on a RePEc service)
  1. Florin O. Bilbiie & Tommaso Monacelli & Roberto Perotti, 2019. "Is Government Spending at the Zero Lower Bound Desirable?," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(3), pages 147-173, July.

    Mentioned in:

    1. Is Government Spending at the Zero Lower Bound Desirable? (AEJ:MA 2019) in ReplicationWiki ()
  2. Florin O. Bilbiie & Fabio Ghironi & Marc J. Melitz, 2012. "Endogenous Entry, Product Variety, and Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 120(2), pages 304-345.

    Mentioned in:

    1. Endogenous Entry, Product Variety, and Business Cycles (JPE 2012) in ReplicationWiki ()

Working papers

  1. Bilbiie, F. O. & Melitz, M. J., 2026. "Supply Shocks in a Heterogeneous-Firm New Keynesian Model: The Entry Multiplier," Cambridge Working Papers in Economics 2655, Faculty of Economics, University of Cambridge.

    Cited by:

    1. Bonam, Dennis & Smădu, Andra, 2021. "The long-run effects of pandemics on inflation: Will this time be different?," Economics Letters, Elsevier, vol. 208(C).
    2. Shah, Sayar Ahmad & Garg, Bhavesh, 2023. "Testing policy effectiveness during COVID-19: An NK-DSGE analysis," Journal of Asian Economics, Elsevier, vol. 84(C).
    3. Jean-Paul L'Huillier & Sanjay R. Singh & Donghoon Yoo, 2021. "Incorporating Diagnostic Expectations into the New Keynesian Framework," Working Papers 339, University of California, Davis, Department of Economics.
    4. Anastasiia Antonova & Mykhailo Matvieiev & Céline Poilly, 2024. "Supply Shocks in the Fog: The Role of Endogenous Uncertainty," AMSE Working Papers 2427, Aix-Marseille School of Economics, France.
    5. Francesco Furlanetto & Kåre Hagelund & Frank Hansen & Ørjan Robstad, 2023. "Norges Bank Output Gap Estimates: Forecasting Properties, Reliability, Cyclical Sensitivity and Hysteresis," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 85(1), pages 238-267, February.
    6. Stefano Fasani & Haroon Mumtaz & Lorenza Rossi, 2023. "Monetary Policy and Firm Dynamics," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 278-296, January.
    7. William L. Gamber, 2026. "Firm Dynamics, Inflation, and the Transmission of Monetary Policy," Finance and Economics Discussion Series 2026-003, Board of Governors of the Federal Reserve System (U.S.).
    8. Fornaro, Luca & Wolf, Martin, 2023. "The scars of supply shocks: Implications for monetary policy," Journal of Monetary Economics, Elsevier, vol. 140(S), pages 18-36.
    9. Alessandro Di Nola & Leo Kaas & Haomin Wang, 2022. "Rescue Policies for Small Businesses in the Covid-19 Recession," CESifo Working Paper Series 9641, CESifo.
    10. Ascari, Guido & Colciago, Andrea & Silvestrini, Riccardo, 2023. "Business dynamism, sectoral reallocation and productivity in a pandemic," European Economic Review, Elsevier, vol. 156(C).
    11. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    12. Ascari, Guido & Fasani, Stefano & Grazzini, Jakob & Rossi, Lorenza, 2023. "Endogenous uncertainty and the macroeconomic impact of shocks to inflation expectations," Journal of Monetary Economics, Elsevier, vol. 140(S), pages 48-63.
    13. Auerbach, Alan J. & Gorodnichenko, Yuriy & Murphy, Daniel, 2021. "Inequality, fiscal policy and COVID19 restrictions in a demand-determined economy," European Economic Review, Elsevier, vol. 137(C).
    14. Graham, James & Ozbilgin, Murat, 2021. "Age, industry, and unemployment risk during a pandemic lockdown," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
    15. Igli Bajo & Frederik H. Bennhoff & Alessandro Ferrari, 2025. "Not-so-Cleansing Recessions," Papers 2511.09162, arXiv.org, revised Feb 2026.
    16. Hamano, Masashige & Zanetti, Francesco, 2022. "Monetary policy, firm heterogeneity, and product variety," European Economic Review, Elsevier, vol. 144(C).
    17. Daniel E. Rigobon & Thibaut Duprey & Artur Kotlicki & Philip Schnattinger & Soheil Baharian & Thomas R. Hurd, 2022. "Business Closures and (Re)Openings in Real-Time Using Google Places: Proof of Concept," JRFM, MDPI, vol. 15(4), pages 1-10, April.

  2. Bilbiie, F. O. & Monacelli, T. & Perotti, R., 2024. "Stabilization vs. Redistribution: The Optimal Monetary-Fiscal Mix," Cambridge Working Papers in Economics 2436, Faculty of Economics, University of Cambridge.

    Cited by:

    1. Stefano Maria Corbellini, 2022. "Optimal monetary and transfer policy in a liquidity trap," Diskussionsschriften dp2216, Universitaet Bern, Departement Volkswirtschaft.
    2. Lydia Cox & Jiacheng Feng & Gernot J. Müller & Ernesto Pastén & Raphael Schoenle & Michael Weber, 2024. "Optimal Monetary and Fiscal Policies in Disaggregated Economies," Working Papers Central Bank of Chile 1024, Central Bank of Chile.
    3. Altavilla, Carlo & Bussière, Matthieu & Galí, Jordi & Gorodnichenko, Yuriy & Gürkaynak, Refet S. & Rey, Hélène, 2024. "A research program on monetary policy for Europe," Journal of Monetary Economics, Elsevier, vol. 147(S).
    4. Bellifemine, Marco & Couturier, Adrien & Jamilov, Rustam, 2025. "Monetary unions with heterogeneous fiscal space," Journal of International Economics, Elsevier, vol. 156(C).
    5. Drago Bergholt & Øistein Røisland & Tommy Sveen & Ragnar Torvik, 2025. "Should Monetary And Fiscal Policy Pull In The Same Direction?," Working Papers No 06/2025, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.
    6. Tian, Hanhui & Wang, Chenxi & Zhang, Chengsi, 2025. "The effects of fiscal stimulus under monetary accommodation," Journal of Macroeconomics, Elsevier, vol. 85(C).
    7. Ille, Sebastian & Nguyen, Dat Thanh & Sanchez Carrera, Edgar J., 2025. "On the stressful interaction of monetary and fiscal targets," International Review of Economics & Finance, Elsevier, vol. 104(C).
    8. Celso José Costa-Junior & Sérgio R. de Brito Gadelha & Alejandro C. Garcia-Cintado, 2026. "Fiscal Policy in an SNA-Compliant DSGE Model for Emerging Markets," Open Economies Review, Springer, vol. 37(3), pages 901-960, July.
    9. Central Bank of Chile, 2025. "Firm and household heterogeneity at the Central Bank of Chile," BIS Papers chapters, in: Bank for International Settlements (ed.), How can central banks take account of differences across households and firms for monetary policy?, volume 127, pages 45-62, Bank for International Settlements.
    10. Giacomo Mangiante & Pascal Meichtry, 2025. "On the Distributional Effects of Conventional Monetary Policy and Forward Guidance," Working papers 996, Banque de France.
    11. Yilmazkuday, Hakan, 2026. "Monetary policy effectiveness in a multi-sector model: The amplifying role of hand-to-mouth households," Journal of Macroeconomics, Elsevier, vol. 89(C).
    12. Xing Guo & Pablo Ottonello & Diego Perez, 2022. "Monetary Policy and Redistribution in Open Economies," Staff Working Papers 22-6, Bank of Canada.
    13. Stephany Griffith-Jones & Mario Giarda & Jorge Arenas, 2025. "Firm and household heterogeneity at the Central Bank of Chile," Economic Policy Papers Central Bank of Chile 75, Central Bank of Chile.
    14. Ekaterina Shabalina, "undated". "Progressive Taxation and Monetary Policy in Australia," RBA Annual Conference Papers acp2025-03, Reserve Bank of Australia, revised Nov 2025.
    15. Michał Brzoza-Brzezina & Rodolfo Rigato, 2026. "The Great Redistribution that Wasn’t: a HANK-OLG Perspective on Monetary Policy," NBP Working Papers 382, Narodowy Bank Polski.

  3. Bilbiie, F. O., 2024. "Monetary Policy and Heterogeneity: An Analytical Framework," Cambridge Working Papers in Economics 2432, Faculty of Economics, University of Cambridge.

    Cited by:

    1. Adrien Auclert & Matthew Rognlie & Ludwig Straub, 2018. "The Intertemporal Keynesian Cross," NBER Working Papers 25020, National Bureau of Economic Research, Inc.
    2. YiLi Chien & Yi Wen, 2023. "Optimal Dynamic Tax-Transfer Policies in Heterogeneous-Agents Economies," Working Papers 2023-009, Federal Reserve Bank of St. Louis, revised 12 Mar 2026.
    3. Cantore, Cristiano & Leonardi, Edoardo, 2025. "Monetary-fiscal interaction and the liquidity of government debt," LSE Research Online Documents on Economics 127221, London School of Economics and Political Science, LSE Library.
    4. Oh, Joonseok & Rogantini Picco, Anna, 2020. "Macro Uncertainty and Unemployment Risk," Working Paper Series 395, Sveriges Riksbank (Central Bank of Sweden).
    5. Jenny Chan & Sebastian Diz & Derrick Kanngiesser, 2023. "Energy prices and household heterogeneity: monetary policy in a Gas-TANK," Bank of England Staff Working Paper series 1041, Bank of England.
    6. Chien, YiLi & Wen, Yi, 2026. "Optimal dynamic tax-transfer policies in heterogeneous-agents economies," European Economic Review, Elsevier, vol. 186(C).
    7. Bilbiie, F. O. & Hanks, F. & Lavender, S., 2025. "Complementarity, Heterogeneity, and Multipliers: Utility for HANK," Cambridge Working Papers in Economics 2573, Faculty of Economics, University of Cambridge.
    8. Dash, Pradyumna & Kumar, Ankit & Subramanian, Chetan, 2026. "International spillovers of US monetary policy on inequality," Economic Modelling, Elsevier, vol. 155(C).
    9. Sushant Acharya & Jess Benhabib, 2026. "Self-Fulfilling Fluctuations in HANK Economies," American Economic Review, American Economic Association, vol. 116(7), pages 2542-2573, July.
    10. Bilbiie, Florin & Monacelli, Tommaso & Perotti, Roberto, 2020. "Stabilization vs. Redistribution: the Optimal Monetary-Fiscal Mix," CEPR Discussion Papers 15199, Centre for Economic Policy Research.
    11. Bonchi, Jacopo & Nisticò, Salvatore, 2024. "Optimal monetary policy and rational asset bubbles," European Economic Review, Elsevier, vol. 170(C).
    12. Bartal, Mehdi & Becard, Yvan, 2024. "Consumption tax cuts vs stimulus payments," Journal of Public Economics, Elsevier, vol. 239(C).
    13. Giovanni Di Bartolomeo & Francesco Ferlaino & Carolina Serpieri, 2026. "Inflation Inattention and the Consumption Gap," Working Papers in Public Economics 280, Department of Economics and Law, Sapienza University of Rome.
    14. Brendan Brundage & Dan McGee & Daniele Tavani, 2026. "Theoretical Approaches in Stratification Economics," NBER Chapters, in: The Economics of Race and Stratification, National Bureau of Economic Research, Inc.
    15. Atif R. Mian & Ludwig Straub & Amir Sufi, 2020. "Indebted Demand," NBER Working Papers 26940, National Bureau of Economic Research, Inc.
    16. Elton Beqiraj & Stefano Di Bucchianico & Mario Di Serio & Michele Raitano, 2026. "The effects of monetary policy shocks on wage inequality: evidence from Italy," Working Papers in Public Economics 270, Department of Economics and Law, Sapienza University of Rome.
    17. Stefano Maria Corbellini, 2022. "Optimal monetary and transfer policy in a liquidity trap," Diskussionsschriften dp2216, Universitaet Bern, Departement Volkswirtschaft.
    18. Bilbiie, Florin & Känzig, Diego & Surico, Paolo, 2019. "Capital and Income Inequality: An Aggregate-Demand Complementarity," CEPR Discussion Papers 14118, Centre for Economic Policy Research.
    19. Cristiano Cantore & Matteo Gatto & Francesco Saverio Gaudio & Pascal Meichtry, 2026. "Fiscal Sustainability when Public Debt is High: The Role of Portfolio Liquidity," Working papers 1055, Banque de France.
    20. Milani, Fabio, 2026. "Inflation, monetary policy, and capital–labor inequality," Journal of Macroeconomics, Elsevier, vol. 88(C).
    21. Cristiano Cantore & Vedanta Dhamija, 2024. "The Perils of a Dual Mandate," Economics Series Working Papers 1059, University of Oxford, Department of Economics.
    22. Eusepi, Stefano & Gibbs, Chris & Preston, Bruce, 2021. "Forward guidance with unanchored expectations," Bank of Finland Research Discussion Papers 11/2021, Bank of Finland.
    23. Gerke, Rafael & Giesen, Sebastian & Scheer, F. Alexander, 2020. "The power of forward guidance in a quantitative TANK model," Discussion Papers 03/2020, Deutsche Bundesbank.
    24. Jae Won Lee & Seunghyeon Lee, 2025. "Monetary Non-Neutrality in a Multisector Economy: The Role of Risk-Sharing," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 55, January.
    25. Stéphane Dupraz, 2023. "The Dynamic IS Curve when there is both Investment and Savings," Working papers 905, Banque de France.
    26. Bilbiie, Florin, 2018. "Neo-Fisherian Policies and Liquidity Traps," CEPR Discussion Papers 13334, Centre for Economic Policy Research.
    27. Euiyoung Jung, 2021. "On the design of labor market programs as stabilization policies," Working Papers halshs-03243698, HAL.
    28. Nicolas Caramp, 2020. "Fiscal Policy and the Monetary Transmission Mechanism," Working Papers 337, University of California, Davis, Department of Economics.
    29. Cantore, Cristiano & Meichtry, Pascal, 2024. "Unwinding quantitative easing: State dependency and household heterogeneity," European Economic Review, Elsevier, vol. 170(C).
    30. 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.
    31. 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.).
    32. Robbins, Jacob A., 2026. "Expectation traps and Neo-Fisherian policy," Journal of Economic Dynamics and Control, Elsevier, vol. 183(C).
    33. Tomas Fencl & Jan Babecky & Jaromir Baxa & Jan Bruha, 2026. "Household Heterogeneity and Monetary Policy Transmission in the Czech Economy," Working Papers IES 2026/13, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jun 2026.
    34. Spector, Mariano, 2024. "Redistributive fiscal policy and marginal propensities to consume," Journal of Economic Theory, Elsevier, vol. 218(C).
    35. Gregory E. Givens & Tavoy D. Reid, 2026. "Strengthening the micro origins of macro multipliers via partial insurance and increasing returns," Economic Inquiry, Western Economic Association International, vol. 64(2), pages 724-747, April.
    36. Pavel Brendler & Moritz Kuhn & Ulrike I. Steins, 2024. "To Have or Not to Have: Understanding Wealth Inequality," Opportunity and Inclusive Growth Institute Working Papers 098, Federal Reserve Bank of Minneapolis.
    37. Hoffmann, Mathias & Pavlova, Lora & Mönch, Emanuel & Schultefrankenfeld, Guido, 2022. "Would households understand average inflation targeting?," Discussion Papers 17/2022, Deutsche Bundesbank.
    38. Paul Beaudry & Paolo Cavallino & Tim Willems, 2025. "Monetary policy along the yield curve: why can central banks affect long-term real rates?," BIS Working Papers 1246, Bank for International Settlements.
    39. Gauti B. Eggertsson & Sergei K. Egiev, 2025. "Liquidity Traps: A Unified Theory of the Great Depression and the Great Recession," Journal of Economic Literature, American Economic Association, vol. 63(4), pages 1424-1551, December.
    40. Bonciani, Dario & Oh, Joonseok, 2025. "Optimal monetary policy mix at the zero lower bound," Journal of Economic Dynamics and Control, Elsevier, vol. 170(C).
    41. Okan Akarsu & Emrehan Aktug & Muserref Kucukbayrak, 2025. "Hand-to-Mouth Households in the Eurosystem and the Transmission of Monetary Policy," Working Papers 2506, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    42. Koimisis, Georgios & Giannikos, Christos I., 2024. "Inequality, premium and the timing of resolution of uncertainty," Finance Research Letters, Elsevier, vol. 60(C).
    43. Auray, Stéphane & Eyquem, Aurélien, 2020. "The macroeconomic effects of lockdown policies," Journal of Public Economics, Elsevier, vol. 190(C).
    44. Cem Gorgun, 2019. "Monetary Unions and National Welfare," Koç University-TUSIAD Economic Research Forum Working Papers 1912, Koc University-TUSIAD Economic Research Forum.
    45. Wataru Hagio & Daisuke Ikeda & Koji Takahashi & Keisuke Yoshida, 2026. "Mind the Gap When Exiting Low-for-Long," IMES Discussion Paper Series 26-E-02, Institute for Monetary and Economic Studies, Bank of Japan.
    46. Anmol Bhandari & David Evans & Mikhail Golosov & Thomas J. Sargent, 2021. "Inequality, Business Cycles, and Monetary‐Fiscal Policy," Econometrica, Econometric Society, vol. 89(6), pages 2559-2599, November.
    47. Rodríguez Arosemena, Nicolás, 2018. "The Dominium Mundi Game and the Case for Artificial Intelligence in Economics and the Law," MPRA Paper 90560, University Library of Munich, Germany.
    48. Stéphane Dupraz & Magali Marx, 2023. "Anchoring Boundedly Rational Expectations," Working papers 936, Banque de France.
    49. Gornemann, Nils & Hildebrand, Sebastian & Kuester, Keith, 2024. "Limited (energy) supply, monetary policy, and sunspots," European Economic Review, Elsevier, vol. 168(C).
    50. Francesco Ferrante & Matthias Paustian, 2019. "Household Debt and the Heterogeneous Effects of Forward Guidance," International Finance Discussion Papers 1267, Board of Governors of the Federal Reserve System (U.S.).
    51. Momo Komatsu & David Murakami & Ivan Shchapov, 2025. "Productivity over the life-cycle and its effect on the interest rate," The Japanese Economic Review, Springer, vol. 76(2), pages 429-461, April.
    52. José‐Elías Gallegos, 2026. "HANK Beyond FIRE: Amplification, Forward Guidance, and Belief Shocks," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(1), pages 225-258, February.
    53. Maliar, Lilia & Naubert, Christopher, 2025. "Monetary policy transmission with endogenous central bank responses in TANK," Journal of Economic Dynamics and Control, Elsevier, vol. 178(C).
    54. Stefano Maria Corbellini, 2026. "Optimal Monetary and Transfer Policy in a Liquidity Trap," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 58(1), pages 183-208, February.
    55. Morteza Ghomi & Jochen Mankart & Rigas Oikonomou & Romanos Priftis, 2025. "Debt Maturity and Government Spending Multipliers," Working and Discussion Papers WP 14/2025, Research Department, National Bank of Slovakia.
    56. Zheng Gong, 2025. "When Does Household Heterogeneity Matter for Aggregate Fluctuations?," CRC TR 224 Discussion Paper Series crctr224_2025_624v2, University of Bonn and University of Mannheim, Germany, revised Sep 2025.
    57. Lepetit, Antoine & Fuentes-Albero, Cristina, 2022. "The limited power of monetary policy in a pandemic," European Economic Review, Elsevier, vol. 147(C).
    58. Diba, Behzad & Loisel, Olivier, 2021. "Pegging the interest rate on bank reserves: A resolution of New Keynesian puzzles and paradoxes," Journal of Monetary Economics, Elsevier, vol. 118(C), pages 230-244.
    59. Jonsoo Kim & Daeha Cho & Kwang Hwan Kim, 2026. "Household Income Inequality and Optimal Trend Inflation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 61, August.
    60. Ida, Daisuke, 2024. "Household heterogeneity and the price puzzle in a new Keynesian model," Journal of Macroeconomics, Elsevier, vol. 79(C).
    61. Khwazi Magubane, 2025. "Is There a Common Financial Cycle in Systemic Economies?," JRFM, MDPI, vol. 18(3), pages 1-31, February.
    62. He Nie & Jordan Roulleau-Pasdeloup, 2023. "The promises (and perils) of control-contingent forward guidance," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 77-98, July.
    63. Christopher Gibbs & Nigel McClung, 2023. "Does my model predict a forward guidance puzzle?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 393-423, December.
    64. Christian Moser & Farzad Saidi & Benjamin Wirth & Stefanie Wolter, 2021. "Credit Supply, Firms, and Earnings Inequality," ECONtribute Discussion Papers Series 086, University of Bonn and University of Cologne, Germany.
    65. Macaulay, Alistair, 2021. "The attention trap: Rational inattention, inequality, and fiscal policy," European Economic Review, Elsevier, vol. 135(C).
    66. Broer, Tobias & Kramer, John & Mitman, Kurt, 2022. "The Curious Incidence of Monetary Policy Across the Income Distribution," Working Paper Series 416, Sveriges Riksbank (Central Bank of Sweden).
    67. Emile A. Marin & Sanjay R. Singh, 2025. "Incomplete Markets and Exchange Rates," Working Paper Series 2025-11, Federal Reserve Bank of San Francisco.
    68. Bence Bardóczy, 2024. "HANK Comes of Age: Monetary Policy with Heterogeneous Overlapping Generations," Finance and Economics Discussion Series 2024-052r1, Board of Governors of the Federal Reserve System (U.S.), revised 19 Dec 2025.
    69. Herman, Uroš & Lozej, Matija, 2023. "Who gets jobs matters: monetary policy and the labour market in HANK and SAM," Working Paper Series 2850, European Central Bank.
    70. Jacopo Bonchi & Salvatore Nisticò, 2022. "Heterogeneity, Bubbles and Monetary Policy," Working Papers 5/22, Sapienza University of Rome, DISS.
    71. Saroj Bhattarai & Jae Won Lee & Choongryul Yang, 2021. "Redistribution and the Monetary–Fiscal Policy Mix," Finance and Economics Discussion Series 2021-013, Board of Governors of the Federal Reserve System (U.S.).
    72. 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.
    73. Babette Jansen & Roland Winkler, 2024. "Household Heterogeneity, Nonseparable Preferences, and the Taylor Principle," Jena Economics Research Papers 2024-006, Friedrich-Schiller-University Jena.
    74. Edouard Challe, 2020. "Uninsured Unemployment Risk and Optimal Monetary Policy in a Zero-Liquidity Economy," PSE-Ecole d'économie de Paris (Postprint) hal-04645688, HAL.
    75. Auclert, Adrien & Bardoczy, Bence & Rognlie, Matthew & Straub, Ludwig, 2019. "Using the Sequence-Space Jacobian to Solve and Estimate Heterogeneous-Agent Models," CEPR Discussion Papers 13890, Centre for Economic Policy Research.
    76. Daeha Cho, 2023. "Unemployment risk, MPC heterogeneity, and business cycles," Quantitative Economics, Econometric Society, vol. 14(2), pages 717-751, May.
    77. 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.
    78. Piccolo, Jessica & Russo, Alessia & Granziera, Eleonora & Castelnuovo, Efrem, 2026. "Households' macroeconomic beliefs: The role of education," Bank of Finland Research Discussion Papers 9/2026, Bank of Finland.
    79. Zhao, Junzhu, 2023. "Wealth in utility, the Taylor principle and determinacy," Journal of Macroeconomics, Elsevier, vol. 76(C).
    80. Jaanika Meriküll & Matthias Rottner, 2025. "Monetary policy and earnings inequality: inflation dependencies," BIS Working Papers 1271, Bank for International Settlements.
    81. Robert Amano & Stefano Gnocchi & Sylvain Leduc & Joel Wagner, 2020. "Average is Good Enough: Average-inflation Targeting and the ELB," Staff Working Papers 20-31, Bank of Canada.
    82. Sanjay R. Singh & Nicolas Caramp, 2020. "Bond Premium Cyclicality and Liquidity Traps," Working Papers 336, University of California, Davis, Department of Economics.
    83. Cristiano Cantore & Haroon Mumtaz & Filippo Ferroni & Angeliki Theophilopoulou, 2025. "A tail of labor supply and a tale of monetary policy," Working Papers wp1210, Dipartimento Scienze Economiche, Universita' di Bologna.
    84. James Bullard & Aarti Singh & Jacek Suda, 2024. "Optimal Macroeconomic Policies in a Heterogeneous World," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(3), pages 991-1041, September.
    85. Oh, Joonseok, 2025. "Welfare loss and policy trade-offs: Calvo vs. Rotemberg," Economics Letters, Elsevier, vol. 249(C).
    86. Grimaud, Alex, 2021. "Precautionary saving and un-anchored expectations," ECON WPS - Working Papers in Economic Theory and Policy 08/2021, TU Wien, Institute of Statistics and Mathematical Methods in Economics, Economics Research Unit.
    87. Airaudo, Marco, 2020. "Temptation and forward-guidance," Journal of Economic Theory, Elsevier, vol. 186(C).
    88. Giacomo Mangiante & Pascal Meichtry, 2025. "On the Distributional Effects of Conventional Monetary Policy and Forward Guidance," Working papers 996, Banque de France.
    89. Bhatnagar, Aryaman, 2023. "Monetary policy with non-Ricardian households," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 12-26.
    90. Bardóczy, Bence & Savoia, Ettore & Vel´asquez-Giraldo, Mateo, 2026. "HANK Comes of Age: Monetary Policy with Heterogeneous Overlapping Generations," Working Paper Series 461, Sveriges Riksbank (Central Bank of Sweden).
    91. Nakata, Taisuke & Ogaki, Ryota & Schmidt, Sebastian & Yoo, Paul, 2019. "Attenuating the forward guidance puzzle: Implications for optimal monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 105(C), pages 90-106.
    92. Savoia, Ettore, 2026. "Intertemporal Self-insurance and Excess Sensitivity of Affluent Households," Working Paper Series 464, Sveriges Riksbank (Central Bank of Sweden).
    93. Maliar, Lilia & Naubert, Christopher, 2019. "Monetary Policy Transmission with Endogenous Central Bank Responses in TANK," CEPR Discussion Papers 14159, Centre for Economic Policy Research.
    94. Paweł Kopiec, 2022. "A Theory of The Procyclical Effectiveness of Forward Guidance," KAE Working Papers 2022-081, Warsaw School of Economics, Collegium of Economic Analysis.
    95. Euiyoung Jung, 2021. "On the design of labor market programs as stabilization policies," PSE Working Papers halshs-03243698, HAL.
    96. Bilbiie, Florin O., 2020. "The New Keynesian cross," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 90-108.
    97. Brand, Claus & Obstbaum, Meri & Coenen, Günter & Sondermann, David & Lydon, Reamonn & Ajevskis, Viktors & Hammermann, Felix & Angino, Siria & Hernborg, Nils & Basso, Henrique & Hertweck, Matthias & Bi, 2021. "Employment and the conduct of monetary policy in the euro area," Occasional Paper Series 275, European Central Bank.
    98. Masek, Frantisek & Zemlicka, Jan, 2024. "Average inflation targeting: how far to look into the past and the future?," Working Paper Series 2955, European Central Bank.
    99. Jordan Roulleau-Pasdeloup, 2026. "The Response of Consumption to Interest Rates with Borrowing Constraints: An Analytical Approach," Papers 2609.09888, arXiv.org.
    100. Cristiano Cantore & Giovanni Di Bartolomeo & Francesco Saverio Gaudio, 2025. "The Unequal Costs of Pollution: Carbon Tax, Inequality, and Redistribution," Papers 2503.00142, arXiv.org.
    101. Kopiec, Paweł, 2024. "Monetary-Fiscal Forward Guidance," MPRA Paper 120563, University Library of Munich, Germany.
    102. Vasileios Karaferis & Tatiana Kirsanova & Campbell Leith, 2024. "Equity versus Efficiency: Optimal Monetary and Fiscal Policy in a HANK Economy," Working Papers 2024_11, Business School - Economics, University of Glasgow.
    103. Tom D. Holden, 2024. "Robust Real Rate Rules," Econometrica, Econometric Society, vol. 92(5), pages 1521-1551, September.
    104. Loria, Francesca & Matthes, Christian & Wang, Mu-Chun, 2021. "Economic theories and macroeconomic reality," Discussion Papers 56/2021, Deutsche Bundesbank.
    105. Roulleau-Pasdeloup, Jordan, 2020. "Optimal monetary policy and determinacy under active/passive regimes," European Economic Review, Elsevier, vol. 130(C).
    106. Galo Nuño & Carlos Thomas, 2020. "Optimal Monetary Policy with Heterogeneous Agents," CESifo Working Paper Series 8670, CESifo.
    107. Martin B. Holm, 2023. "Monetary transmission with income risk," Scandinavian Journal of Economics, Wiley Blackwell, vol. 125(2), pages 441-460, April.
    108. Xavier Gabaix, 2016. "A Behavioral New Keynesian Model," NBER Working Papers 22954, National Bureau of Economic Research, Inc.
    109. Joseph Kopecky & Giacomo Mangiante, 2025. "Monetary Policy Goes Boomer: The Effect of Population Age Structure on Policy Transmission," Trinity Economics Papers tep1725, Trinity College Dublin, Department of Economics.
    110. Mangiante, Giacomo, 2024. "The geographic effects of carbon pricing," European Economic Review, Elsevier, vol. 168(C).
    111. Ting Lan & Lerong Li & Minghao Li, 2026. "Cyclical Inequality in the Cost of Living and Implications for Monetary Policy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(3), pages 839-874, August.
    112. Stephane Auray & Aurelien Eyquem, 2024. "Optimal Unemployment Insurance in a THANK Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 53, pages 173-193, July.
    113. Alistair Macaulay, 2026. "The Causal Effects of Heterogeneous Expectation Formation in General Equilibrium," School of Economics Discussion Papers 0326, School of Economics, University of Surrey.
    114. François Courtoy, 2022. "When Household Heterogeneity Matters Optimal Fiscal Policy in a Medium-Scale TANK Model," LIDAM Discussion Papers IRES 2022009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    115. Chien, YiLi & Wen, Yi, 2021. "Time-inconsistent optimal quantity of debt," European Economic Review, Elsevier, vol. 140(C).
    116. Nicolas Caramp & Dejanir H. Silva, 2026. "Monetary Policy and Wealth Effects: The Role of Risk and Heterogeneity," Journal of Finance, American Finance Association, vol. 81(2), pages 1011-1052, April.
    117. Davide Debortoli & Jordi Galí, 2021. "Idiosyncratic income risk and aggregate fluctuations," Economics Working Papers 1796, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 2023.
    118. Florin O. Bilbiie, 2019. "Optimal Forward Guidance," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(4), pages 310-345, October.
    119. Gurrola Luna, Alejandro & McKnight, Stephen, 2026. "Bounded rationality and macroeconomic (in)stability," Economic Modelling, Elsevier, vol. 155(C).
    120. Jung, Yongseung, 2019. "What drives business cycles in Korea?," Japan and the World Economy, Elsevier, vol. 52(C).
    121. Boehnert, Lukas & de Ferra, Sergio & Mitman, Kurt & Romei, Federica, 2025. "Monetary Policy in Currency Unions with Unequal Countries," IZA Discussion Papers 17950, IZA Network @ LISER.
    122. de Beauffort, Charles & Rannenberg, Ansgar, 2026. "Fiscal policy and sectoral spillovers in open-economy HANK," Working Paper Series 3279, European Central Bank.
    123. Airaudo, Marco, 2025. "Temptation-driven preferences: A resolution to New Keynesian anomalies," European Economic Review, Elsevier, vol. 172(C).
    124. Carreño Bustos, José Gabo, 2023. "Flexible Contracts as Business Cycle Stabilizers," Discussion Paper 2023-007, Tilburg University, Center for Economic Research.
    125. Bernstein, Joshua, 2021. "A model of state-dependent monetary policy," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 904-917.
    126. Roman Sustek, 2021. "Yield curve and the business cycle in conventional times," Discussion Papers 2122, Centre for Macroeconomics (CFM).
    127. Joonseok Oh & Anna Rogantini Picco, 2025. "Macro Uncertainty, Unemployment Risk, And Consumption Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 66(1), pages 287-312, February.
    128. Christina Patterson, 2022. "The Matching Multiplier and the Amplification of Recessions," Working Papers 22-20, Center for Economic Studies, U.S. Census Bureau.
    129. Sushant Acharya & Keshav Dogra, 2020. "Understanding HANK: Insights From a PRANK," Econometrica, Econometric Society, vol. 88(3), pages 1113-1158, May.
    130. Bilbiie, F. O. & Galaasen, S. M. & Gurkaynak, R. S. & Maehlum, M. & Molnar, K, 2025. "Hanksson," Cambridge Working Papers in Economics 2516, Faculty of Economics, University of Cambridge.
      • Bilbiie, Florin & Galaasen, Sigurd & Gürkaynak, Refet & Maehlum, Mathis & Molnar, Krisztina, 2025. "Hanksson," CEPR Discussion Papers 20090, Centre for Economic Policy Research.
    131. Andreas Dibiasi & Heiner Mikosch & Samad Sarferaz & Armin Steinbach, 2025. "Fiscal Responses to Monetary Policy: Insights From a Survey of Government Officials," CESifo Working Paper Series 12247, CESifo.
    132. Kozo UEDA & Fei Gao, 2024. "How Do Gamblers React to Wins? Evidence from Bank Transaction Data in Japan," CIGS Working Paper Series 24-019E, The Canon Institute for Global Studies.
    133. Chikhale, Nisha, 2023. "The effects of uncertainty shocks: Implications of wealth inequality," European Economic Review, Elsevier, vol. 154(C).

  4. Florin O. Bilbiie & Giorgio Primiceri & Andrea Tambalotti, 2023. "Inequality, Risk, and Business Cycles," NBER Working Papers 31729, National Bureau of Economic Research, Inc.

    Cited by:

    1. Brendan Brundage & Dan McGee & Daniele Tavani, 2026. "Theoretical Approaches in Stratification Economics," NBER Chapters, in: The Economics of Race and Stratification, National Bureau of Economic Research, Inc.
    2. Zheng Gong, 2025. "When Does Household Heterogeneity Matter for Aggregate Fluctuations?," CRC TR 224 Discussion Paper Series crctr224_2025_624v2, University of Bonn and University of Mannheim, Germany, revised Sep 2025.
    3. Fabrice Collard & Patrick Fève & Philipp Wangner, 2026. "The Power of Persistence How Demand Shocks and Monetary Policy Shape Macroeconomic Outcomes," CRC TR 224 Discussion Paper Series crctr224_2025_785, University of Bonn and University of Mannheim, Germany.
    4. Bonciani, Dario & Oh, Joonseok, 2026. "Unemployment risk, liquidity traps, and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 182(C).
    5. Xu, Zhiwei & Xue, Jianpo & Zhang, Zhewei, 2025. "Understanding the distributional effects of income uncertainty shocks," China Economic Review, Elsevier, vol. 91(C).
    6. Cantore, Cristiano & Leonardi, Edoardo, 2025. "Monetary–fiscal interaction and the liquidity of government debt," European Economic Review, Elsevier, vol. 173(C).

  5. Bilbiie, Florin & Känzig, Diego, 2023. "Greed? Profits, Inflation, and Aggregate Demand," CEPR Discussion Papers 18385, Centre for Economic Policy Research.

    Cited by:

    1. Bilbiie, F. O. & Melitz, M. J., 2026. "Supply Shocks in a Heterogeneous-Firm New Keynesian Model: The Entry Multiplier," Cambridge Working Papers in Economics 2655, Faculty of Economics, University of Cambridge.
    2. Del Negro, Marco & Diagne, Ibrahima & Dogra, Keshav & Gundam, Pranay & Lee, Donggyu & Pacula, Brian, 2026. "Tradeoffs for the poor, divine coincidence for the rich," Journal of Economic Dynamics and Control, Elsevier, vol. 182(C).

  6. Bilbiie, F. O. & Melitz, M. J., 2023. "Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier," Cambridge Working Papers in Economics 2368, Faculty of Economics, University of Cambridge.

    Cited by:

    1. Bonam, Dennis & Smădu, Andra, 2021. "The long-run effects of pandemics on inflation: Will this time be different?," Economics Letters, Elsevier, vol. 208(C).
    2. Shah, Sayar Ahmad & Garg, Bhavesh, 2023. "Testing policy effectiveness during COVID-19: An NK-DSGE analysis," Journal of Asian Economics, Elsevier, vol. 84(C).
    3. Anastasiia Antonova & Mykhailo Matvieiev & Céline Poilly, 2025. "Macroeconomic Shocks in the Fog: The Role of Endogenous Uncertainty," AMSE Working Papers 2538, Aix-Marseille School of Economics, France.
    4. Jean-Paul L'Huillier & Sanjay R. Singh & Donghoon Yoo, 2021. "Incorporating Diagnostic Expectations into the New Keynesian Framework," Working Papers 339, University of California, Davis, Department of Economics.
    5. Anastasiia Antonova & Mykhailo Matvieiev & Céline Poilly, 2024. "Supply Shocks in the Fog: The Role of Endogenous Uncertainty," AMSE Working Papers 2427, Aix-Marseille School of Economics, France.
    6. Francesco Furlanetto & Kåre Hagelund & Frank Hansen & Ørjan Robstad, 2023. "Norges Bank Output Gap Estimates: Forecasting Properties, Reliability, Cyclical Sensitivity and Hysteresis," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 85(1), pages 238-267, February.
    7. Stefano Fasani & Haroon Mumtaz & Lorenza Rossi, 2023. "Monetary Policy and Firm Dynamics," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 278-296, January.
    8. William L. Gamber, 2026. "Firm Dynamics, Inflation, and the Transmission of Monetary Policy," Finance and Economics Discussion Series 2026-003, Board of Governors of the Federal Reserve System (U.S.).
    9. Fornaro, Luca & Wolf, Martin, 2023. "The scars of supply shocks: Implications for monetary policy," Journal of Monetary Economics, Elsevier, vol. 140(S), pages 18-36.
    10. Joel Kariel & Anthony Savagar, 2024. "Scale Economies and Aggregate Productivity," Papers 2411.18461, arXiv.org, revised Feb 2026.
    11. Alessandro Di Nola & Leo Kaas & Haomin Wang, 2022. "Rescue Policies for Small Businesses in the Covid-19 Recession," CESifo Working Paper Series 9641, CESifo.
    12. Ascari, Guido & Colciago, Andrea & Silvestrini, Riccardo, 2023. "Business dynamism, sectoral reallocation and productivity in a pandemic," European Economic Review, Elsevier, vol. 156(C).
    13. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    14. Ascari, Guido & Fasani, Stefano & Grazzini, Jakob & Rossi, Lorenza, 2023. "Endogenous uncertainty and the macroeconomic impact of shocks to inflation expectations," Journal of Monetary Economics, Elsevier, vol. 140(S), pages 48-63.
    15. Auerbach, Alan J. & Gorodnichenko, Yuriy & Murphy, Daniel, 2021. "Inequality, fiscal policy and COVID19 restrictions in a demand-determined economy," European Economic Review, Elsevier, vol. 137(C).
    16. Graham, James & Ozbilgin, Murat, 2021. "Age, industry, and unemployment risk during a pandemic lockdown," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
    17. Igli Bajo & Frederik H. Bennhoff & Alessandro Ferrari, 2025. "Not-so-Cleansing Recessions," Papers 2511.09162, arXiv.org, revised Feb 2026.
    18. Hamano, Masashige & Zanetti, Francesco, 2022. "Monetary policy, firm heterogeneity, and product variety," European Economic Review, Elsevier, vol. 144(C).

  7. Bilbiie, F. & Primiceri, G. E. & Tambalotti, A., 2022. "Inequality and Business Cycles," Cambridge Working Papers in Economics 2275, Faculty of Economics, University of Cambridge.

    Cited by:

    1. Dusan Stojanovic, 2023. "Quantitative Easing in the Euro Area: Implications for Income and Wealth Inequality," CERGE-EI Working Papers wp760, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    2. Alice Albonico & Guido Ascari & Qazi Haque, 2024. "The (Ir)Relevance of Rule‐of‐Thumb Consumers for U.S. Business Cycle Fluctuations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(4), pages 769-804, June.
    3. Marco D’Amico & Martina Fazio, 2025. "Modelling income risk dynamics in the UK: a parametric approach," Bank of England Staff Working Paper series 1129, Bank of England.
    4. Cristiano Cantore & Giovanni Di Bartolomeo & Francesco Saverio Gaudio, 2025. "The Unequal Costs of Pollution: Carbon Tax, Inequality, and Redistribution," Papers 2503.00142, arXiv.org.

  8. Bilbiie, Florin & Monacelli, Tommaso & Perotti, Roberto, 2020. "Fiscal policy in Europe: a helicopter view," CEPR Discussion Papers 15382, Centre for Economic Policy Research.

    Cited by:

    1. Duque Gabriel, Ricardo & Klein, Mathias & Pesso, Ana Sofia, 2020. "The Effects of Government Spending in the Eurozone," Working Paper Series 400, Sveriges Riksbank (Central Bank of Sweden).
    2. Olga Francová & Ermal Hitaj & John Goossen & Robert Kraemer & Andreja Lenarčič & Georgios Palaiodimos, 2021. "EU fiscal rules: reform considerations," Discussion Papers 17, European Stability Mechanism, revised 25 Oct 2021.

  9. Bilbiie, Florin & Känzig, Diego & Surico, Paolo, 2019. "Capital and Income Inequality: An Aggregate-Demand Complementarity," CEPR Discussion Papers 14118, Centre for Economic Policy Research.

    Cited by:

    1. Cantore, Cristiano & Leonardi, Edoardo, 2025. "Monetary-fiscal interaction and the liquidity of government debt," LSE Research Online Documents on Economics 127221, London School of Economics and Political Science, LSE Library.
    2. Jenny Chan & Sebastian Diz & Derrick Kanngiesser, 2023. "Energy prices and household heterogeneity: monetary policy in a Gas-TANK," Bank of England Staff Working Paper series 1041, Bank of England.
    3. Adrien Auclert & Matthew Rognlie & Ludwig Straub, 2020. "Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model," NBER Working Papers 26647, National Bureau of Economic Research, Inc.
    4. Luzie Thiel, 2023. "Monetary Policy and Inequality: A Two-way Relation," MAGKS Papers on Economics 202304, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    5. Cristiano Cantore & Matteo Gatto & Francesco Saverio Gaudio & Pascal Meichtry, 2026. "Fiscal Sustainability when Public Debt is High: The Role of Portfolio Liquidity," Working papers 1055, Banque de France.
    6. Milani, Fabio, 2026. "Inflation, monetary policy, and capital–labor inequality," Journal of Macroeconomics, Elsevier, vol. 88(C).
    7. Stéphane Dupraz, 2023. "The Dynamic IS Curve when there is both Investment and Savings," Working papers 905, Banque de France.
    8. Masao Fukui & Niels Joachim Gormsen & Kilian Huber, 2025. "Sticky Discount Rates," IMES Discussion Paper Series 25-E-16, Institute for Monetary and Economic Studies, Bank of Japan.
    9. Cantore, Cristiano & Meichtry, Pascal, 2024. "Unwinding quantitative easing: State dependency and household heterogeneity," European Economic Review, Elsevier, vol. 170(C).
    10. Dusan Stojanovic, 2023. "Quantitative Easing in the Euro Area: Implications for Income and Wealth Inequality," CERGE-EI Working Papers wp760, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    11. Tao Tang & Lizeth Cuesta & Brayan Tillaguango & Rafael Alvarado & Abdul Rehman & Diana Bravo-Benavides & Natalia Zárate, 2022. "Causal Link between Technological Innovation and Inequality Moderated by Public Spending, Manufacturing, Agricultural Employment, and Export Diversification," Sustainability, MDPI, vol. 14(14), pages 1-25, July.
    12. Cristiano Cantore & Filippo Ferroni & Haroon Mumtaz & Angeliki Theophilopoulou, 2023. "A tail of labor supply and a tale of monetary policy," Discussion Papers 2308, Centre for Macroeconomics (CFM).
    13. Cristiano Cantore & Lukas Freund, 2020. "Workers, capitalists, and the government: fiscal policy and income (re)distribution," Bank of England Staff Working Paper series 858, Bank of England.
    14. Tsiaras, Stylianos, 2023. "Asset purchases, limited asset markets participation and inequality," Journal of Economic Dynamics and Control, Elsevier, vol. 154(C).
    15. Zheng Gong, 2025. "When Does Household Heterogeneity Matter for Aggregate Fluctuations?," CRC TR 224 Discussion Paper Series crctr224_2025_624v2, University of Bonn and University of Mannheim, Germany, revised Sep 2025.
    16. Jonsoo Kim & Daeha Cho & Kwang Hwan Kim, 2026. "Household Income Inequality and Optimal Trend Inflation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 61, August.
    17. Fernández-Villaverde, Jesús & Marbet, Joël & Nuño, Galo & Rachedi, Omar, 2025. "Inequality and the zero lower bound," Journal of Econometrics, Elsevier, vol. 249(PC).
    18. Roulleau-Pasdeloup, Jordan, 2023. "Analyzing Linear DSGE models: the Method of Undetermined Markov States," Journal of Economic Dynamics and Control, Elsevier, vol. 151(C).
    19. Tu, Qiang & Zuo, Limei & Mo, Jianlei & Ma, Yaming & Yao, Ye & Su, Qi, 2026. "Large scale renewable energy deployment reduces regional economic inequality:Evidence from China," Energy Economics, Elsevier, vol. 155(C).
    20. Marco Ranaldi & Elisa Palagi, 2022. "Heterogeneity in Macroeconomics: The Compositional Inequality Perspective," LIS Working papers 848, LIS Cross-National Data Center in Luxembourg.
    21. Giacomo Mangiante & Pascal Meichtry, 2025. "On the Distributional Effects of Conventional Monetary Policy and Forward Guidance," Working papers 996, Banque de France.
    22. Xunhua Tu & Jie Yan & Jing Zheng, 2024. "Income composition inequality of Chinese residents and fiscal redistribution effect: An empirical analysis on individual income tax and transfer system," PLOS ONE, Public Library of Science, vol. 19(1), pages 1-21, January.
    23. Rude, Johanna, 2024. "Income Inequality and Aggregate Demand," MPRA Paper 120875, University Library of Munich, Germany.
    24. Felipe Alves & Greg Kaplan & Benjamin Moll & Giovanni L. Violante, 2020. "A Further Look at the Propagation of Monetary Policy Shocks in HANK," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(S2), pages 521-559, December.
    25. Charalampidis, Nikolaos, 2022. "Top income shares, inequality, and business cycles: United States, 1957–2016," European Economic Review, Elsevier, vol. 150(C).
    26. Bilbiie, F. O. & Galaasen, S. M. & Gurkaynak, R. S. & Maehlum, M. & Molnar, K, 2025. "Hanksson," Cambridge Working Papers in Economics 2516, Faculty of Economics, University of Cambridge.
      • Bilbiie, Florin & Galaasen, Sigurd & Gürkaynak, Refet & Maehlum, Mathis & Molnar, Krisztina, 2025. "Hanksson," CEPR Discussion Papers 20090, Centre for Economic Policy Research.

  10. Bilbiie, Florin, 2018. "Neo-Fisherian Policies and Liquidity Traps," CEPR Discussion Papers 13334, Centre for Economic Policy Research.

    Cited by:

    1. Michau, Jean-Baptiste, 2025. "Fiscal policy under secular stagnation: An optimal pump-priming strategy," Journal of Economic Dynamics and Control, Elsevier, vol. 175(C).
    2. Hills, Timothy S. & Nakata, Taisuke & Schmidt, Sebastian, 2019. "Effective lower bound risk," European Economic Review, Elsevier, vol. 120(C).
    3. Ida, Daisuke, 2024. "The neo-Fisherian effect in a new Keynesian model with real money balances," MPRA Paper 120575, University Library of Munich, Germany.
    4. Chunbing Cai & Jordan Roulleau-Pasdeloup, 2023. "Simple Analytics of the Government Investment Multiplier," Papers 2302.11212, arXiv.org, revised Sep 2023.
    5. Piergallini, Alessandro, 2022. "Average Inflation Targeting and Macroeconomic Stability," MPRA Paper 114309, University Library of Munich, Germany.
    6. Robbins, Jacob A., 2026. "Expectation traps and Neo-Fisherian policy," Journal of Economic Dynamics and Control, Elsevier, vol. 183(C).
    7. Nakata, Taisuke & Schmidt, Sebastian, 2019. "Expectations-driven liquidity traps: implications for monetary and fiscal policy," Working Paper Series 2304, European Central Bank.
    8. Pablo Cuba-Borda & Sanjay R. Singh, 2022. "Understanding Persistent ZLB: Theory and Assessment," Working Papers 346, University of California, Davis, Department of Economics.
    9. Momo Komatsu & David Murakami & Ivan Shchapov, 2025. "Productivity over the life-cycle and its effect on the interest rate," The Japanese Economic Review, Springer, vol. 76(2), pages 429-461, April.
    10. He Nie & Jordan Roulleau-Pasdeloup, 2023. "The promises (and perils) of control-contingent forward guidance," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 77-98, July.
    11. Guido Ascari & Jacopo Bonchi, 2019. "(Dis)Solving the Zero Lower Bound Equilibrium through Income Policy," Working Papers 10/19, Sapienza University of Rome, DISS.
    12. Trienens, Lasse & Herwartz, Helmut, 2025. "Neo-Fisherism and fiscal solvency: Reinterpreting the determination of inflation, yields, and the debt ratio," Economic Modelling, Elsevier, vol. 153(C).
    13. Roulleau-Pasdeloup, Jordan, 2023. "Analyzing Linear DSGE models: the Method of Undetermined Markov States," Journal of Economic Dynamics and Control, Elsevier, vol. 151(C).
    14. Gorodnichenko, Yuriy & Sergeyev, Dmitriy, 2021. "Zero Lower Bound on Inflation Expectations," IZA Discussion Papers 14853, IZA Network @ LISER.
    15. Ascari, Guido & Mavroeidis, Sophocles & McClung, Nigel, 2023. "Coherence without rationality at the zero lower bound," Journal of Economic Theory, Elsevier, vol. 214(C).
    16. Sanjay R. Singh & Nicolas Caramp, 2020. "Bond Premium Cyclicality and Liquidity Traps," Working Papers 336, University of California, Davis, Department of Economics.
    17. Paul Beaudry & Katya Kartashova & Césaire Meh, 2023. "Gazing at r-star: A Hysteresis Perspective," Staff Working Papers 23-5, Bank of Canada.
    18. Conrad, Christian & Enders, Zeno & Glas, Alexander, 2022. "The role of information and experience for households’ inflation expectations," European Economic Review, Elsevier, vol. 143(C).
    19. Felici, Marco & Kenny, Geoff & Friz, Roberta, 2023. "Consumer savings behaviour at low and negative interest rates," European Economic Review, Elsevier, vol. 157(C).
    20. Hecker, Dominik & Wolters, Maik H., 2025. "Nonlinear estimation of a New Keynesian model with endogenous inflation de-anchoring," IMFS Working Paper Series 222, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    21. Bernoth, Kerstin & Herwartz, Helmut & Trienens, Lasse, 2024. "Interest Rates, Convenience Yields and Inflation Expectations: Drivers of US Dollar Exchange Rates," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302351, Verein für Socialpolitik / German Economic Association, revised 2024.
    22. Guido Ascari & Sophocles Mavroeidis, 2020. "The unbearable lightness of equilibria in a low interest rate environment," Papers 2006.12966, arXiv.org, revised Dec 2021.
    23. Andrew Phiri, 2024. "A multiresolution analysis of NeoFisher effects in industrialized economies: Have monetary policy dynamics being misconstrued in the west?," Future Business Journal, Springer, vol. 10(1), pages 1-21, December.
    24. Chunbing Cai & Jordan Roulleau-Pasdeloup & Zhongxi Zheng, 2025. "Endogenous Persistence at the Effective Lower Bound," Papers 2501.06473, arXiv.org, revised Sep 2025.
    25. Airaudo, Marco & Hajdini, Ina, 2023. "Wealth effects, price markups, and the neo-Fisherian hypothesis," European Economic Review, Elsevier, vol. 157(C).
    26. Yoichiro Tamanyu, 2020. "The Role of Nonlinearity in Indeterminate Models: An Application to Expectations-Driven Liquidity Traps," Keio-IES Discussion Paper Series 2020-023, Institute for Economics Studies, Keio University.
    27. Tayler, William J. & Zilberman, Roy, 2024. "Unconventional policies in state-dependent liquidity traps," Journal of Economic Dynamics and Control, Elsevier, vol. 168(C).
    28. Roulleau-Pasdeloup, Jordan, 2020. "Optimal monetary policy and determinacy under active/passive regimes," European Economic Review, Elsevier, vol. 130(C).
    29. Paul Beaudry & Katsiaryna Kartashova & Césaire A Meh, 2022. "Gazing at r*: A Hysteresis Perspective," RBA Annual Conference Papers acp2022-08, Reserve Bank of Australia, revised Dec 2022.
    30. Philip Coyle & Taisuke Nakata, 2020. "Optimal Inflation Target with Expectations-Driven Liquidity Traps," CARF F-Series CARF-F-485, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    31. Dominik Hecker & Maik Wolters, 2025. "Nonlinear Estimation of a New Keynesian Model with Endogenous Inflation De-Anchoring," CESifo Working Paper Series 12280, CESifo.
    32. Kerstin Bernoth & Helmut Herwartz & Lasse Trienens, 2023. "The Impacts of Global Risk and US Monetary Policy on US Dollar Exchange Rates and Excess Currency Returns," Discussion Papers of DIW Berlin 2037, DIW Berlin, German Institute for Economic Research.
    33. Murakami, David & Shchapov, Ivan & Zhang, Yifan, 2026. "Restoring existence and uniqueness at the effective lower bound with simple fiscal policy," Journal of Economic Dynamics and Control, Elsevier, vol. 188(C).
    34. Coyle, Philip & Nakata, Taisuke, 2026. "Optimal inflation target with expectations-driven liquidity traps," Macroeconomic Dynamics, Cambridge University Press, vol. 30, pages 1-44, January.
    35. Philip Coyle & Taisuke Nakata, 2019. "Optimal Inflation Target with Expectations-Driven Liquidity Traps," Finance and Economics Discussion Series 2019-036, Board of Governors of the Federal Reserve System (U.S.).
    36. Haochun Ma & Jordan Roulleau-Pasdeloup, 2025. "A Step Towards a Solution to the Confidence-Driven Liquidity Trap Morass," Papers 2511.04782, arXiv.org, revised Sep 2026.
    37. Bok, Brandyn & Mertens, Thomas M. & Williams, John C., 2025. "Macroeconomic drivers and the pricing of uncertainty, inflation, and bonds," Journal of Financial Economics, Elsevier, vol. 172(C).

  11. Florin Bilbiie & Xavier Ragot, 2017. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," Sciences Po Economics Discussion Papers hal-03471839, HAL.

    Cited by:

    1. Jenny Chan & Sebastian Diz & Derrick Kanngiesser, 2023. "Energy prices and household heterogeneity: monetary policy in a Gas-TANK," Bank of England Staff Working Paper series 1041, Bank of England.
    2. Fergus Cumming & Paul Hubert, 2019. "The role of households' borrowing constraints in the transmission of monetary policy," Sciences Po Economics Publications (main) hal-03403257, HAL.
    3. Chiara Punzo & Lorenza Rossi, 2023. "A Money‐Financed Fiscal Stimulus: Redistribution and Social Welfare," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(2-3), pages 595-617, March.
    4. Gross, Isaac & Hansen, James, 2021. "Optimal policy design in nonlinear DSGE models: An n-order accurate approximation," European Economic Review, Elsevier, vol. 140(C).
    5. 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.
    6. Leonardo Melosi & Giorgio Primiceri & Andrea Tambalotti, 2021. "Introduction to the Special Issue in Memory of Alejandro Justiniano," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 1-3, July.
    7. Chien, YiLi & Wen, Yi, 2021. "Time-inconsistent optimal quantity of debt," European Economic Review, Elsevier, vol. 140(C).
    8. Sushant Acharya & Edouard Challe & Keshav Dogra, 2021. "Optimal Monetary Policy According to HANK," Staff Working Papers 21-55, Bank of Canada.
    9. YiLi Chien & Yi Wen, 2022. "The Ramsey Steady-State Conundrum in Heterogeneous-Agent Economies," Working Papers 2022-009, Federal Reserve Bank of St. Louis, revised 29 May 2024.
    10. Chien, YiLi & Wen, Yi, 2026. "Optimal dynamic tax-transfer policies in heterogeneous-agents economies," European Economic Review, Elsevier, vol. 186(C).
    11. Bonchi, Jacopo & Nisticò, Salvatore, 2024. "Optimal monetary policy and rational asset bubbles," European Economic Review, Elsevier, vol. 170(C).
    12. Dix-Carneiro, Rafael & Traiberman, Sharon, 2023. "Globalization, trade imbalances and inequality," Journal of Monetary Economics, Elsevier, vol. 133(C), pages 48-72.
    13. Oliver Pfäuti & Fabian Seyrich, 2022. "A Behavioral Heterogeneous Agent New Keynesian Model," Discussion Papers of DIW Berlin 1995, DIW Berlin, German Institute for Economic Research.
    14. Davide Debortoli & Jordi Galí, 2017. "Monetary policy with heterogeneous agents: Insights from TANK models," Economics Working Papers 1686, Department of Economics and Business, Universitat Pompeu Fabra, revised May 2021.
    15. Chen, Yunmin & Chien, YiLi & Wen, Yi & Yang, C.C., 2021. "Are unconditional lump-sum transfers a good idea?," Economics Letters, Elsevier, vol. 209(C).
    16. Boris Chafwehé & François Courtoy, 2021. "Optimal Taxes and Transfers with Household Heterogeneity," LIDAM Discussion Papers IRES 2021009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    17. Edouard Challe, 2020. "Uninsured Unemployment Risk and Optimal Monetary Policy in a Zero-Liquidity Economy," PSE-Ecole d'économie de Paris (Postprint) hal-04645688, HAL.
    18. Galo Nuño & Carlos Thomas, 2020. "Optimal Monetary Policy with Heterogeneous Agents," CESifo Working Paper Series 8670, CESifo.
    19. François Courtoy, 2022. "When Household Heterogeneity Matters Optimal Fiscal Policy in a Medium-Scale TANK Model," LIDAM Discussion Papers IRES 2022009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    20. Fergus Cumming & Paul Hubert, 2019. "The Role of Households' Borrowing Constraints in the Transmission of Monetary Policy This paper investigates how the transmission of monetary policy to the real economy depends on the distribution of household debt. Using an original loan-level datas," Documents de Travail de l'OFCE 2019-20, Observatoire Francais des Conjonctures Economiques (OFCE).
    21. YiLi Chien & Yi Wen, 2023. "Optimal Dynamic Tax-Transfer Policies in Heterogeneous-Agents Economies," Working Papers 2023-009, Federal Reserve Bank of St. Louis, revised 12 Mar 2026.
    22. Benjamin Schwanebeck & Luzie Thiel, 2025. "The Supply-Side Effects of Household Heterogeneity," MAGKS Papers on Economics 202503, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    23. Charles Labrousse & Yann Perdereau, 2024. "Balance sheet policies and Central Bank losses in a HANK model," PSE Working Papers halshs-04577286, HAL.
    24. Bonciani, Dario & Oh, Joonseok, 2025. "Optimal monetary policy mix at the zero lower bound," Journal of Economic Dynamics and Control, Elsevier, vol. 170(C).
    25. Xi Wang & Jiayang Li & Guangbin Zhang, 2022. "Mixed Monetary–Fiscal Policies and Macroeconomic Fluctuations: An Analysis Based on the Dynamic Stochastic General Equilibrium Model," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 30(2), pages 167-196, March.
    26. Davide Debortoli & Jordi Galí, 2024. "Heterogeneity and Aggregate Fluctuations: Insights from TANK Models," Working Papers 1436, Barcelona School of Economics.
    27. Bhatnagar, Aryaman, 2023. "Monetary policy with non-Ricardian households," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 12-26.
    28. Galí, Jordi, 2020. "The effects of a money-financed fiscal stimulus," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 1-19.
    29. Le Grand, François & Ragot, Xavier, 2023. "Optimal policies with heterogeneous agents: Truncation and transitions," Journal of Economic Dynamics and Control, Elsevier, vol. 156(C).
    30. Christophe Blot & Jérôme Creel & Paul Hubert, 2019. "Thoughts on a review of the ECB's monetary policy strategy," Working Papers hal-03403251, HAL.
    31. François Le Grand & Xavier Ragot, 2022. "Managing Inequality Over Business Cycles: Optimal Policies With Heterogeneous Agents And Aggregate Shocks," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(1), pages 511-540, February.
    32. Galí, Jordi, 2018. "The State of New Keynesian Economics: A Partial Assessment," CEPR Discussion Papers 13095, Centre for Economic Policy Research.
    33. Luzie Thiel, 2023. "Monetary Policy and Inequality: A Two-way Relation," MAGKS Papers on Economics 202304, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    34. Ting Lan & Lerong Li & Minghao Li, 2026. "Cyclical Inequality in the Cost of Living and Implications for Monetary Policy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(3), pages 839-874, August.
    35. 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.
    36. Mr. Niels-Jakob H Hansen & Alessandro Lin & Rui Mano, 2020. "Should Inequality Factor into Central Banks' Decisions?," IMF Working Papers 2020/196, International Monetary Fund.

  12. Bilbiie, Florin, 2017. "Monetary Neutrality with Sticky Prices and Free Entry," CEPR Discussion Papers 12068, Centre for Economic Policy Research.

    Cited by:

    1. Khalil, Makram & Lewis, Vivien, 2024. "Product turnover and endogenous price flexibility in uncertain times," Discussion Papers 14/2024, Deutsche Bundesbank.
    2. Kaszab, Lorant & Marsal, Ales & Rabitsch, Katrin, 2022. "Asset pricing with free entry and exit of firms," Economics Letters, Elsevier, vol. 217(C).
    3. Bilbiie, F. O. & Trabandt, M., 2023. "Sticky Prices or Sticky Wages? An Equivalence Result," Cambridge Working Papers in Economics 2369, Faculty of Economics, University of Cambridge.
    4. Boitier, Vincent, 2024. "Private ownership in monopolistic competition models," Research in Economics, Elsevier, vol. 78(4).
    5. Andrea Colciago & Vivien Lewis & Branka Matyska, 2023. "Corporate taxes, productivity, and business dynamism," Working Papers 512, University of Milano-Bicocca, Department of Economics, revised May 2023.
    6. Casarin, Roberto & Costantini, Mauro & Paradiso, Antonio, 2021. "On the role of dependence in sticky price and sticky information Phillips curve: Modelling and forecasting," Economic Modelling, Elsevier, vol. 105(C).
    7. Kurozumi, Takushi & Van Zandweghe, Willem, 2025. "Supply shocks, employment gap, and monetary policy," European Economic Review, Elsevier, vol. 177(C).
    8. Bilbiie, F. O. & Melitz, M. J., 2023. "Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier," Cambridge Working Papers in Economics 2368, Faculty of Economics, University of Cambridge.
    9. Larsen, Rasmus Bisgaard & Ravn, Søren Hove & Santoro, Emiliano, 2025. "House prices, endogenous productivity, and the effects of government spending shocks," European Economic Review, Elsevier, vol. 172(C).
    10. Hamano, Masashige & Zanetti, Francesco, 2022. "Monetary policy, firm heterogeneity, and product variety," European Economic Review, Elsevier, vol. 144(C).

  13. Bilbiie, Florin, 2017. "The New Keynesian Cross," CEPR Discussion Papers 11989, Centre for Economic Policy Research.

    Cited by:

    1. Adrien Auclert & Matthew Rognlie & Ludwig Straub, 2018. "The Intertemporal Keynesian Cross," NBER Working Papers 25020, National Bureau of Economic Research, Inc.
    2. Florin Bilbiie & Xavier Ragot, 2017. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," Working Papers hal-03471839, HAL.
    3. William Ginn & Marc Pourroy, 2022. "The Contribution of Food Subsidy Policy to Monetary Policy in India," Post-Print hal-02944209, HAL.
    4. Davide Debortoli & Jordi Galí, 2024. "Heterogeneity and Aggregate Fluctuations: Insights from TANK Models," NBER Chapters, in: NBER Macroeconomics Annual 2024, volume 39, pages 307-357, National Bureau of Economic Research, Inc.
    5. Alves, Felipe & Kaplan, Greg & Moll, Ben & Violente, Gianluca, 2020. "A further look at the propagation of monetary policy shocks in HANK," LSE Research Online Documents on Economics 107420, London School of Economics and Political Science, LSE Library.
    6. Tomás Opazo, 2023. "The Heterogeneous Effect of Monetary Policy Shocks: Evidence for US Households," Working Papers Central Bank of Chile 992, Central Bank of Chile.
    7. Bilbiie, F. O. & Hanks, F. & Lavender, S., 2025. "Complementarity, Heterogeneity, and Multipliers: Utility for HANK," Cambridge Working Papers in Economics 2573, Faculty of Economics, University of Cambridge.
    8. Pavel Vikharev & Anna Novak & Andrei Shulgin, 2023. "Inequality and monetary policy: THRANK model," Bank of Russia Working Paper Series wps113, Bank of Russia.
    9. Kopiec, Paweł, 2022. "The government spending multiplier in the Heterogeneous Agent New Keynesian model," European Economic Review, Elsevier, vol. 145(C).
    10. Balamatsias, Pavlos, 2026. "A heterogeneous agent new Keynesian model of search frictions and public sector employment," Journal of Economic Dynamics and Control, Elsevier, vol. 189(C).
    11. Bilbiie, Florin & Monacelli, Tommaso & Perotti, Roberto, 2020. "Stabilization vs. Redistribution: the Optimal Monetary-Fiscal Mix," CEPR Discussion Papers 15199, Centre for Economic Policy Research.
    12. Ahn, Hie Joo & Xie, Shihan & Yang, Choongryul, 2024. "Effects of monetary policy on household expectations: The role of homeownership," Journal of Monetary Economics, Elsevier, vol. 147(C).
    13. Bonchi, Jacopo & Nisticò, Salvatore, 2024. "Optimal monetary policy and rational asset bubbles," European Economic Review, Elsevier, vol. 170(C).
    14. Bilbiie, Florin, 2018. "Complementarity, Income, and Substitution: A U(C,N) Utility for Macro," CEPR Discussion Papers 12812, Centre for Economic Policy Research.
    15. Giovanni Di Bartolomeo & Francesco Ferlaino & Carolina Serpieri, 2026. "Inflation Inattention and the Consumption Gap," Working Papers in Public Economics 280, Department of Economics and Law, Sapienza University of Rome.
    16. Nicolas Caramp & Dejanir Silva, 2023. "Fiscal Policy and the Monetary Transmission Mechanism," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 716-746, December.
    17. Christophe Cahn & Patrick Fève & Julien Matheron, 2026. "DSGE Models in Central Banks: Progress and Prospects," Working papers 1066, Banque de France.
    18. Myroslav Pidkuyko, 2019. "Heterogeneous spillovers of housing credit policy," Working Papers 1940, Banco de España.
    19. Jordi Galí, 2018. "The State of New Keynesian Economics: A Partial Assessment," Journal of Economic Perspectives, American Economic Association, vol. 32(3), pages 87-112, Summer.
    20. Greg Kaplan & Giovanni L. Violante, 2021. "The Marginal Propensity to Consume in Heterogeneous Agent Models," Working Papers 2021-9, Princeton University. Economics Department..
    21. Gergő Motyovszki & Philipp Pfeiffer & Jan in ’t Veld, 2024. "The Implications of Public Investment for Debt Sustainability," European Economy - Discussion Papers 204, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    22. Nils Gornemann & Keith Kuester & Makoto Nakajima, 2021. "Doves for the Rich, Hawks for the Poor? Distributional Consequences of Systematic Monetary Policy," ECONtribute Discussion Papers Series 089, University of Bonn and University of Cologne, Germany.
    23. Giovanni Bartolomeo & Paolo D’Imperio, 2025. "A macroeconomic assessment of the Italian Recovery and Resilience Plan from administrative data," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 42(2), pages 501-547, July.
    24. Lemoine, Matthieu & Lindé, Jesper, 2023. "Fiscal stimulus in liquidity traps: Conventional or unconventional policies?," European Economic Review, Elsevier, vol. 151(C).
    25. Stéphane Dupraz, 2023. "The Dynamic IS Curve when there is both Investment and Savings," Working papers 905, Banque de France.
    26. Liu, Shih-fu & Huang, Wei-chi & Lai, Ching-chong, 2022. "The Paradox of Toil at the Zero Lower Bound in a TANK Model," European Economic Review, Elsevier, vol. 148(C).
    27. Cantore, Cristiano & Meichtry, Pascal, 2024. "Unwinding quantitative easing: State dependency and household heterogeneity," European Economic Review, Elsevier, vol. 170(C).
    28. Paul Hubert & Frédérique Savignac, 2023. "Monetary Policy and Labor Income Inequality: the Role of Extensive and Intensive Margins," Working papers 913, Banque de France.
    29. Cristiano Cantore & Filippo Ferroni & Haroon Mumtaz & Angeliki Theophilopoulou, 2023. "A tail of labor supply and a tale of monetary policy," Discussion Papers 2308, Centre for Macroeconomics (CFM).
    30. Alice Albonico & Guido Ascari & Qazi Haque, 2024. "The (Ir)Relevance of Rule‐of‐Thumb Consumers for U.S. Business Cycle Fluctuations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(4), pages 769-804, June.
    31. Cumming, Fergus & Hubert, Paul, 2022. "House prices, the distribution of household debt and the refinancing channel of monetary policy," Economics Letters, Elsevier, vol. 212(C).
    32. Kame Babilla, Thierry U., 2023. "Digital innovation and financial access for small and medium-sized enterprises in a currency union," Economic Modelling, Elsevier, vol. 120(C).
    33. Jeppe Druedahl & Søren Hove Ravn & Laura Sunder-Plassmann & Jacob Sundram & Nicolai Waldstrøm, 2025. "Fiscal Multipliers in Small Open Economies with Heterogeneous Households," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(3), pages 654-707, September.
    34. Axelle Ferriere & Gaston Navarro, 2025. "Fiscal Management of Aggregate Demand: The Effectiveness of Labor Tax Credits," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(3), pages 733-778, September.
    35. Alessandro Ferrari & Valerio Nispi Landi, 2025. "Will the Green Transition be Inflationary? Expectations Matter," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(4), pages 1195-1258, December.
    36. Sebastian Gechert, 2023. "Fiscal policy: post- or New Keynesian?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 20(2), pages 338-355, November.
    37. Okan Akarsu & Emrehan Aktug & Muserref Kucukbayrak, 2025. "Hand-to-Mouth Households in the Eurosystem and the Transmission of Monetary Policy," Working Papers 2506, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    38. Krenz, Johanna & Tsiaras, Stylianos, 2024. "Household inequality and the transmission of QE in euro area countries," WiSo-HH Working Paper Series 83, University of Hamburg, Faculty of Business, Economics and Social Sciences, WISO Research Laboratory.
    39. Kase, Hanno & Melosi, Leonardo & Rottner, Matthias, 2024. "Estimating Nonlinear Heterogeneous Agent Models with Neural Networks," The Warwick Economics Research Paper Series (TWERPS) 1499, University of Warwick, Department of Economics.
    40. José‐Elías Gallegos, 2026. "HANK Beyond FIRE: Amplification, Forward Guidance, and Belief Shocks," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(1), pages 225-258, February.
    41. Maliar, Lilia & Naubert, Christopher, 2025. "Monetary policy transmission with endogenous central bank responses in TANK," Journal of Economic Dynamics and Control, Elsevier, vol. 178(C).
    42. Giovanni Di Bartolomeo & Paolo D'Imperio, 2023. "A macroeconomic assessment of the Italian Recovery and Resilience Plan from administrative data," CIMEO Working Paper Series 169, Centre for Investigation and Modelling of Experimental Observations (CIMEO).
    43. Zheng Gong, 2025. "When Does Household Heterogeneity Matter for Aggregate Fluctuations?," CRC TR 224 Discussion Paper Series crctr224_2025_624v2, University of Bonn and University of Mannheim, Germany, revised Sep 2025.
    44. Adams, Jonathan J. & Rojas, Eugenio, 2024. "Household Consumption and Dispersed Information," Journal of Monetary Economics, Elsevier, vol. 147(C).
    45. Christian Bredemeier & Babette Jansen & Roland Winkler, 2023. "Labor Market Power and the Effects of Fiscal Policy," Jena Economics Research Papers 2023-015, Friedrich-Schiller-University Jena.
    46. Lepetit, Antoine & Fuentes-Albero, Cristina, 2022. "The limited power of monetary policy in a pandemic," European Economic Review, Elsevier, vol. 147(C).
    47. Corsello, Francesco & Riggi, Marianna, 2026. "Inflation is not equal for all: The heterogeneous effects of energy shocks," European Economic Review, Elsevier, vol. 187(C).
    48. Li, Pei-Hao & Barazza, Elsa & Strachan, Neil, 2022. "The influences of non-optimal investments on the scale-up of smart local energy systems in the UK electricity market," Energy Policy, Elsevier, vol. 170(C).
    49. Orlando Gomes, 2021. "Hand-to-mouth consumers, rule-of-thumb savers, and optimal control," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 16(2), pages 229-263, April.
    50. Jonsoo Kim & Daeha Cho & Kwang Hwan Kim, 2026. "Household Income Inequality and Optimal Trend Inflation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 61, August.
    51. Ida, Daisuke, 2024. "Household heterogeneity and the price puzzle in a new Keynesian model," Journal of Macroeconomics, Elsevier, vol. 79(C).
    52. Chan, Jenny & Diz, Sebastian & Kanngiesser, Derrick, 2024. "Energy prices and household heterogeneity: Monetary policy in a Gas-TANK," Journal of Monetary Economics, Elsevier, vol. 147(S).
    53. He Nie & Jordan Roulleau-Pasdeloup, 2023. "The promises (and perils) of control-contingent forward guidance," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 77-98, July.
    54. Hannah Magdalena Seidl & Fabian Seyrich, 2021. "Unconventional Fiscal Policy in HANK," Discussion Papers of DIW Berlin 1953, DIW Berlin, German Institute for Economic Research.
    55. Fernández-Villaverde, Jesús & Marbet, Joël & Nuño, Galo & Rachedi, Omar, 2025. "Inequality and the zero lower bound," Journal of Econometrics, Elsevier, vol. 249(PC).
    56. Christopher Gibbs & Nigel McClung, 2023. "Does my model predict a forward guidance puzzle?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 393-423, December.
    57. Sebastian Diz & Mario Giarda & Damián Romero, 2021. "Inequality, Nominal Rigidities, and Aggregate Demand," Working Papers Central Bank of Chile 929, Central Bank of Chile.
    58. Proebsting, Christian, 2022. "Market segmentation and spending multipliers," Journal of Monetary Economics, Elsevier, vol. 128(C), pages 1-19.
    59. Leland Farmer & Roger Farmer, 2022. "Zoomers and Boomers: Asset Prices and Intergenerational Inequality," NBER Working Papers 30419, National Bureau of Economic Research, Inc.
    60. 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).
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    62. Marco Ranaldi & Elisa Palagi, 2022. "Heterogeneity in Macroeconomics: The Compositional Inequality Perspective," LIS Working papers 848, LIS Cross-National Data Center in Luxembourg.
    63. Klein, Mathias & Polattimur, Hamza & Winkler, Roland, 2022. "Fiscal spending multipliers over the household leverage cycle," European Economic Review, Elsevier, vol. 141(C).
    64. Pierre Olivier Gourinchas, 2023. "International Macroeconomics: From the Great Financial Crisis to COVID-19, and Beyond," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(1), pages 1-34, March.
    65. Daeha Cho, 2023. "Unemployment risk, MPC heterogeneity, and business cycles," Quantitative Economics, Econometric Society, vol. 14(2), pages 717-751, May.
    66. Berman, Yonatan & Milanovic, Branko, 2023. "Homoploutia: top labor and capital incomes in the United States, 1950–2020," LSE Research Online Documents on Economics 123639, London School of Economics and Political Science, LSE Library.
    67. Müller, Tobias & McMiken, Shane, 2026. "Fiscal policy transmission through production networks with heterogeneous households," Working Paper Series 3244, European Central Bank.
    68. Jaanika Meriküll & Matthias Rottner, 2025. "Monetary policy and earnings inequality: inflation dependencies," BIS Working Papers 1271, Bank for International Settlements.
    69. Bilbiie, Florin & Melitz, Marc J, 2020. "Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier," CEPR Discussion Papers 15583, Centre for Economic Policy Research.
    70. Auerbach, Alan J. & Gorodnichenko, Yuriy & Murphy, Daniel, 2021. "Inequality, fiscal policy and COVID19 restrictions in a demand-determined economy," European Economic Review, Elsevier, vol. 137(C).
    71. Dengler, Thomas & Gehrke, Britta, 2021. "Short-Time Work and Precautionary Savings," IZA Discussion Papers 14329, IZA Network @ LISER.
    72. Ginn, William & Pourroy, Marc, 2019. "Optimal monetary policy in the presence of food price subsidies," Economic Modelling, Elsevier, vol. 81(C), pages 551-575.
    73. Giacomo Mangiante & Pascal Meichtry, 2025. "On the Distributional Effects of Conventional Monetary Policy and Forward Guidance," Working papers 996, Banque de France.
    74. Tobias Broer & Per Krusell & Erik Öberg, 2023. "Fiscal multipliers: A heterogeneous‐agent perspective," Quantitative Economics, Econometric Society, vol. 14(3), pages 799-816, July.
    75. Stéphane Dupraz & Hervé Le Bihan & Julien Matheron, 2022. "Make-up Strategies with Finite Planning Horizons but Forward-Looking Asset Prices," Working Papers 2218, Banco de España.
    76. Bardóczy, Bence & Savoia, Ettore & Vel´asquez-Giraldo, Mateo, 2026. "HANK Comes of Age: Monetary Policy with Heterogeneous Overlapping Generations," Working Paper Series 461, Sveriges Riksbank (Central Bank of Sweden).
    77. Rupal Kamdar & Walker Ray, 2024. "Attention-Driven Sentiment and the Business Cycle," CAEPR Working Papers 2024-003 Classification-, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    78. Matusche, Alexander & Wacks, Johannes, 2023. "Does wealth inequality affect the transmission of monetary policy?," Journal of Macroeconomics, Elsevier, vol. 75(C).
    79. Saman Darougheh & Renato Faccini & Leonardo Melosi & Alessandro Villa, 2025. "On-the-Job Search and Inflation Under the Microscope," Working Paper Series WP 2025-10, Federal Reserve Bank of Chicago.
    80. Nicolas Caramp & Dejanir Silva, 2019. "Fiscal Origins of Monetary Paradoxes," 2019 Meeting Papers 1281, Society for Economic Dynamics.
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    83. Levine, Paul & McKnight, Stephen & Mihailov, Alexander & Swarbrick, Jonathan, 2025. "Limited asset market participation and monetary policy in a small open economy," Journal of Economic Dynamics and Control, Elsevier, vol. 173(C).
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    86. Jordan Roulleau-Pasdeloup, 2026. "The Response of Consumption to Interest Rates with Borrowing Constraints: An Analytical Approach," Papers 2609.09888, arXiv.org.
    87. Tobias Broer & Jeppe Druedahl & Karl Harmenberg & Erik Öberg, 2025. "The Unemployment‐Risk Channel in Business‐Cycle Fluctuations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 66(4), pages 1425-1458, October.
    88. Cristiano Cantore & Giovanni Di Bartolomeo & Francesco Saverio Gaudio, 2025. "The Unequal Costs of Pollution: Carbon Tax, Inequality, and Redistribution," Papers 2503.00142, arXiv.org.
    89. Kopiec, Paweł, 2024. "Monetary-Fiscal Forward Guidance," MPRA Paper 120563, University Library of Munich, Germany.
    90. Tzamourani, Panagiota, 2021. "The interest rate exposure of euro area households," European Economic Review, Elsevier, vol. 132(C).
    91. Chrysanthopoulou, Xakousti & Sidiropoulos, Moise & Tsioutsios, Alexandros, 2024. "Ricardian equivalence and positively sloped IS curve: (Dis)equilibrium insights," The Journal of Economic Asymmetries, Elsevier, vol. 30(C).
    92. Martin B. Holm, 2023. "Monetary transmission with income risk," Scandinavian Journal of Economics, Wiley Blackwell, vol. 125(2), pages 441-460, April.
    93. Jacopo Bonchi, 2023. "Asset Price Bubbles and Monetary Policy: Revisiting the Nexus at the Zero Lower Bound," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 186-203, January.
    94. Mangiante, Giacomo, 2024. "The geographic effects of carbon pricing," European Economic Review, Elsevier, vol. 168(C).
    95. Ting Lan & Lerong Li & Minghao Li, 2026. "Cyclical Inequality in the Cost of Living and Implications for Monetary Policy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(3), pages 839-874, August.
    96. Andrew T. Foerster & José Mustre‐Del‐Río, 2022. "Search with Wage Posting under Sticky Prices," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(2-3), pages 599-626, March.
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    100. Dupraz, Stéphane & Le Bihan, Hervé & Matheron, Julien, 2024. "Make-up strategies with finite planning horizons but infinitely forward-looking asset prices," Journal of Monetary Economics, Elsevier, vol. 143(C).
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    103. Horvath, Roman & Kaszab, Lorant & Marsal, Ales, 2021. "Equity premium and monetary policy in a model with limited asset market participation," Economic Modelling, Elsevier, vol. 95(C), pages 430-440.
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    105. Carreño Bustos, José Gabo, 2023. "Flexible Contracts as Business Cycle Stabilizers," Discussion Paper 2023-007, Tilburg University, Center for Economic Research.
    106. Grimaud, Alex & Salle, Isabelle & Vermandel, Gauthier, 2025. "A Dynare toolbox for social learning expectations," Journal of Economic Dynamics and Control, Elsevier, vol. 172(C).
    107. Roman Sustek, 2021. "Yield curve and the business cycle in conventional times," Discussion Papers 2122, Centre for Macroeconomics (CFM).
    108. Christina Patterson, 2022. "The Matching Multiplier and the Amplification of Recessions," Working Papers 22-20, Center for Economic Studies, U.S. Census Bureau.
    109. Bilbiie, F. O. & Galaasen, S. M. & Gurkaynak, R. S. & Maehlum, M. & Molnar, K, 2025. "Hanksson," Cambridge Working Papers in Economics 2516, Faculty of Economics, University of Cambridge.
      • Bilbiie, Florin & Galaasen, Sigurd & Gürkaynak, Refet & Maehlum, Mathis & Molnar, Krisztina, 2025. "Hanksson," CEPR Discussion Papers 20090, Centre for Economic Policy Research.
    110. Ginn, William, 2024. "The paradox of fossil fuel subsidies," Economic Analysis and Policy, Elsevier, vol. 83(C), pages 333-358.
    111. Florin O. Bilbiie & Marc J. Melitz, 2020. "Supply Shocks in a Heterogeneous-Firm New Keynesian Model: The Entry Multiplier," NBER Working Papers 28258, National Bureau of Economic Research, Inc.
    112. Bilbiie, Florin O. & Känzig, Diego R. & Surico, Paolo, 2022. "Capital and income inequality: An aggregate-demand complementarity," Journal of Monetary Economics, Elsevier, vol. 126(C), pages 154-169.
    113. Chikhale, Nisha, 2023. "The effects of uncertainty shocks: Implications of wealth inequality," European Economic Review, Elsevier, vol. 154(C).
    114. Joo, Hyundo & Park, Seungmoon & So, Inhwan, 2024. "Heterogeneous regional effects of monetary policy: Evidence from Korea," Journal of Asian Economics, Elsevier, vol. 94(C).

  14. Bilbiie, Florin & Ragot, Xavier, 2017. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," CEPR Discussion Papers 11814, Centre for Economic Policy Research.

    Cited by:

    1. YiLi Chien & Yi Wen, 2023. "Optimal Dynamic Tax-Transfer Policies in Heterogeneous-Agents Economies," Working Papers 2023-009, Federal Reserve Bank of St. Louis, revised 12 Mar 2026.
    2. Fergus Cumming & Paul Hubert, 2019. "The role of households’ borrowing constraints in the transmission of monetary policy," Bank of England Staff Working Paper series 836, Bank of England.
    3. Davide Debortoli & Jordi Galí, 2024. "Heterogeneity and Aggregate Fluctuations: Insights from TANK Models," NBER Chapters, in: NBER Macroeconomics Annual 2024, volume 39, pages 307-357, National Bureau of Economic Research, Inc.
    4. Jenny Chan & Sebastian Diz & Derrick Kanngiesser, 2023. "Energy prices and household heterogeneity: monetary policy in a Gas-TANK," Bank of England Staff Working Paper series 1041, Bank of England.
    5. Chien, YiLi & Wen, Yi, 2026. "Optimal dynamic tax-transfer policies in heterogeneous-agents economies," European Economic Review, Elsevier, vol. 186(C).
    6. Bonchi, Jacopo & Nisticò, Salvatore, 2024. "Optimal monetary policy and rational asset bubbles," European Economic Review, Elsevier, vol. 170(C).
    7. Luzie Thiel, 2023. "Monetary Policy and Inequality: A Two-way Relation," MAGKS Papers on Economics 202304, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    8. Benjamin Schwanebeck & Luzie Thiel, 2025. "The Supply-Side Effects of Household Heterogeneity," MAGKS Papers on Economics 202503, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    9. Jordi Galí, 2018. "The State of New Keynesian Economics: A Partial Assessment," Journal of Economic Perspectives, American Economic Association, vol. 32(3), pages 87-112, Summer.
    10. Dix-Carneiro, Rafael & Traiberman, Sharon, 2023. "Globalization, trade imbalances and inequality," Journal of Monetary Economics, Elsevier, vol. 133(C), pages 48-72.
    11. Charles Labrousse & Yann Perdereau, 2024. "Balance sheet policies and Central Bank losses in a HANK model," PSE Working Papers halshs-04577286, HAL.
    12. Jordi Galí, 2019. "The Effects of a Money-Financed Fiscal Stimulus," NBER Working Papers 26249, National Bureau of Economic Research, Inc.
    13. Bonciani, Dario & Oh, Joonseok, 2025. "Optimal monetary policy mix at the zero lower bound," Journal of Economic Dynamics and Control, Elsevier, vol. 170(C).
    14. Oliver Pfäuti & Fabian Seyrich, 2022. "A Behavioral Heterogeneous Agent New Keynesian Model," Discussion Papers of DIW Berlin 1995, DIW Berlin, German Institute for Economic Research.
    15. Xi Wang & Jiayang Li & Guangbin Zhang, 2022. "Mixed Monetary–Fiscal Policies and Macroeconomic Fluctuations: An Analysis Based on the Dynamic Stochastic General Equilibrium Model," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 30(2), pages 167-196, March.
    16. Chiara Punzo & Lorenza Rossi, 2023. "A Money‐Financed Fiscal Stimulus: Redistribution and Social Welfare," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(2-3), pages 595-617, March.
    17. Anmol Bhandari & David Evans & Mikhail Golosov & Thomas J. Sargent, 2021. "Inequality, Business Cycles, and Monetary‐Fiscal Policy," Econometrica, Econometric Society, vol. 89(6), pages 2559-2599, November.
    18. Chien, YiLi & Wen, Yi, 2024. "The Ramsey steady-state conundrum in heterogeneous-agent economies," Journal of Economic Theory, Elsevier, vol. 220(C).
    19. Davide Debortoli & Jordi Galí, 2017. "Monetary policy with heterogeneous agents: Insights from TANK models," Economics Working Papers 1686, Department of Economics and Business, Universitat Pompeu Fabra, revised May 2021.
    20. Chen, Yunmin & Chien, YiLi & Wen, Yi & Yang, C.C., 2021. "Are unconditional lump-sum transfers a good idea?," Economics Letters, Elsevier, vol. 209(C).
    21. Boris Chafwehé & François Courtoy, 2021. "Optimal Taxes and Transfers with Household Heterogeneity," LIDAM Discussion Papers IRES 2021009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    22. Gross, Isaac & Hansen, James, 2021. "Optimal policy design in nonlinear DSGE models: An n-order accurate approximation," European Economic Review, Elsevier, vol. 140(C).
    23. Edouard Challe, 2020. "Uninsured Unemployment Risk and Optimal Monetary Policy in a Zero-Liquidity Economy," PSE-Ecole d'économie de Paris (Postprint) hal-04645688, HAL.
    24. Bhatnagar, Aryaman, 2023. "Monetary policy with non-Ricardian households," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 12-26.
    25. Leonardo Melosi & Giorgio Primiceri & Andrea Tambalotti, 2021. "Introduction to the Special Issue in Memory of Alejandro Justiniano," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 1-3, July.
    26. Le Grand, François & Ragot, Xavier, 2023. "Optimal policies with heterogeneous agents: Truncation and transitions," Journal of Economic Dynamics and Control, Elsevier, vol. 156(C).
    27. Galo Nuño & Carlos Thomas, 2020. "Optimal Monetary Policy with Heterogeneous Agents," CESifo Working Paper Series 8670, CESifo.
    28. Christophe Blot & Jérôme Creel & Paul Hubert, 2019. "Thoughts on a review of the ECB's monetary policy strategy," Working Papers hal-03403251, HAL.
    29. Ting Lan & Lerong Li & Minghao Li, 2026. "Cyclical Inequality in the Cost of Living and Implications for Monetary Policy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(3), pages 839-874, August.
    30. François Courtoy, 2022. "When Household Heterogeneity Matters Optimal Fiscal Policy in a Medium-Scale TANK Model," LIDAM Discussion Papers IRES 2022009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    31. 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.
    32. Chien, YiLi & Wen, Yi, 2021. "Time-inconsistent optimal quantity of debt," European Economic Review, Elsevier, vol. 140(C).
    33. Fergus Cumming & Paul Hubert, 2019. "The Role of Households' Borrowing Constraints in the Transmission of Monetary Policy This paper investigates how the transmission of monetary policy to the real economy depends on the distribution of household debt. Using an original loan-level datas," Documents de Travail de l'OFCE 2019-20, Observatoire Francais des Conjonctures Economiques (OFCE).
    34. François Le Grand & Xavier Ragot, 2022. "Managing Inequality Over Business Cycles: Optimal Policies With Heterogeneous Agents And Aggregate Shocks," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(1), pages 511-540, February.
    35. Sushant Acharya & Edouard Challe & Keshav Dogra, 2021. "Optimal Monetary Policy According to HANK," Staff Working Papers 21-55, Bank of Canada.
    36. Mr. Niels-Jakob H Hansen & Alessandro Lin & Rui Mano, 2020. "Should Inequality Factor into Central Banks' Decisions?," IMF Working Papers 2020/196, International Monetary Fund.

  15. Bilbiie, Florin, 2017. "The Puzzle, the Power, and the Dark Side: Forward Guidance Redux," CEPR Discussion Papers 12231, Centre for Economic Policy Research.

    Cited by:

    1. Nicolas Caramp & Dejanir Silva, 2019. "Fiscal Origins of Monetary Paradoxes," 2019 Meeting Papers 1281, Society for Economic Dynamics.

  16. Florin Bilbiie & Xavier Ragot, 2017. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," Sciences Po Economics Publications (main) hal-03471839, HAL.

    Cited by:

    1. Jenny Chan & Sebastian Diz & Derrick Kanngiesser, 2023. "Energy prices and household heterogeneity: monetary policy in a Gas-TANK," Bank of England Staff Working Paper series 1041, Bank of England.
    2. Fergus Cumming & Paul Hubert, 2019. "The role of households' borrowing constraints in the transmission of monetary policy," Sciences Po Economics Publications (main) hal-03403257, HAL.
    3. Chiara Punzo & Lorenza Rossi, 2023. "A Money‐Financed Fiscal Stimulus: Redistribution and Social Welfare," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(2-3), pages 595-617, March.
    4. Gross, Isaac & Hansen, James, 2021. "Optimal policy design in nonlinear DSGE models: An n-order accurate approximation," European Economic Review, Elsevier, vol. 140(C).
    5. 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.
    6. Leonardo Melosi & Giorgio Primiceri & Andrea Tambalotti, 2021. "Introduction to the Special Issue in Memory of Alejandro Justiniano," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 1-3, July.
    7. Chien, YiLi & Wen, Yi, 2021. "Time-inconsistent optimal quantity of debt," European Economic Review, Elsevier, vol. 140(C).
    8. Sushant Acharya & Edouard Challe & Keshav Dogra, 2021. "Optimal Monetary Policy According to HANK," Staff Working Papers 21-55, Bank of Canada.
    9. YiLi Chien & Yi Wen, 2022. "The Ramsey Steady-State Conundrum in Heterogeneous-Agent Economies," Working Papers 2022-009, Federal Reserve Bank of St. Louis, revised 29 May 2024.
    10. Chien, YiLi & Wen, Yi, 2026. "Optimal dynamic tax-transfer policies in heterogeneous-agents economies," European Economic Review, Elsevier, vol. 186(C).
    11. Bonchi, Jacopo & Nisticò, Salvatore, 2024. "Optimal monetary policy and rational asset bubbles," European Economic Review, Elsevier, vol. 170(C).
    12. Dix-Carneiro, Rafael & Traiberman, Sharon, 2023. "Globalization, trade imbalances and inequality," Journal of Monetary Economics, Elsevier, vol. 133(C), pages 48-72.
    13. Oliver Pfäuti & Fabian Seyrich, 2022. "A Behavioral Heterogeneous Agent New Keynesian Model," Discussion Papers of DIW Berlin 1995, DIW Berlin, German Institute for Economic Research.
    14. Davide Debortoli & Jordi Galí, 2017. "Monetary policy with heterogeneous agents: Insights from TANK models," Economics Working Papers 1686, Department of Economics and Business, Universitat Pompeu Fabra, revised May 2021.
    15. Chen, Yunmin & Chien, YiLi & Wen, Yi & Yang, C.C., 2021. "Are unconditional lump-sum transfers a good idea?," Economics Letters, Elsevier, vol. 209(C).
    16. Boris Chafwehé & François Courtoy, 2021. "Optimal Taxes and Transfers with Household Heterogeneity," LIDAM Discussion Papers IRES 2021009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    17. Edouard Challe, 2020. "Uninsured Unemployment Risk and Optimal Monetary Policy in a Zero-Liquidity Economy," PSE-Ecole d'économie de Paris (Postprint) hal-04645688, HAL.
    18. Galo Nuño & Carlos Thomas, 2020. "Optimal Monetary Policy with Heterogeneous Agents," CESifo Working Paper Series 8670, CESifo.
    19. François Courtoy, 2022. "When Household Heterogeneity Matters Optimal Fiscal Policy in a Medium-Scale TANK Model," LIDAM Discussion Papers IRES 2022009, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    20. Fergus Cumming & Paul Hubert, 2019. "The Role of Households' Borrowing Constraints in the Transmission of Monetary Policy This paper investigates how the transmission of monetary policy to the real economy depends on the distribution of household debt. Using an original loan-level datas," Documents de Travail de l'OFCE 2019-20, Observatoire Francais des Conjonctures Economiques (OFCE).
    21. YiLi Chien & Yi Wen, 2023. "Optimal Dynamic Tax-Transfer Policies in Heterogeneous-Agents Economies," Working Papers 2023-009, Federal Reserve Bank of St. Louis, revised 12 Mar 2026.
    22. Benjamin Schwanebeck & Luzie Thiel, 2025. "The Supply-Side Effects of Household Heterogeneity," MAGKS Papers on Economics 202503, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    23. Charles Labrousse & Yann Perdereau, 2024. "Balance sheet policies and Central Bank losses in a HANK model," PSE Working Papers halshs-04577286, HAL.
    24. Bonciani, Dario & Oh, Joonseok, 2025. "Optimal monetary policy mix at the zero lower bound," Journal of Economic Dynamics and Control, Elsevier, vol. 170(C).
    25. Xi Wang & Jiayang Li & Guangbin Zhang, 2022. "Mixed Monetary–Fiscal Policies and Macroeconomic Fluctuations: An Analysis Based on the Dynamic Stochastic General Equilibrium Model," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 30(2), pages 167-196, March.
    26. Davide Debortoli & Jordi Galí, 2024. "Heterogeneity and Aggregate Fluctuations: Insights from TANK Models," Working Papers 1436, Barcelona School of Economics.
    27. Bhatnagar, Aryaman, 2023. "Monetary policy with non-Ricardian households," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 12-26.
    28. Galí, Jordi, 2020. "The effects of a money-financed fiscal stimulus," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 1-19.
    29. Le Grand, François & Ragot, Xavier, 2023. "Optimal policies with heterogeneous agents: Truncation and transitions," Journal of Economic Dynamics and Control, Elsevier, vol. 156(C).
    30. Christophe Blot & Jérôme Creel & Paul Hubert, 2019. "Thoughts on a review of the ECB's monetary policy strategy," Working Papers hal-03403251, HAL.
    31. François Le Grand & Xavier Ragot, 2022. "Managing Inequality Over Business Cycles: Optimal Policies With Heterogeneous Agents And Aggregate Shocks," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(1), pages 511-540, February.
    32. Galí, Jordi, 2018. "The State of New Keynesian Economics: A Partial Assessment," CEPR Discussion Papers 13095, Centre for Economic Policy Research.
    33. Luzie Thiel, 2023. "Monetary Policy and Inequality: A Two-way Relation," MAGKS Papers on Economics 202304, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    34. Ting Lan & Lerong Li & Minghao Li, 2026. "Cyclical Inequality in the Cost of Living and Implications for Monetary Policy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 67(3), pages 839-874, August.
    35. 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.
    36. Mr. Niels-Jakob H Hansen & Alessandro Lin & Rui Mano, 2020. "Should Inequality Factor into Central Banks' Decisions?," IMF Working Papers 2020/196, International Monetary Fund.

  17. Bilbiie, Florin, 2016. "Optimal Forward Guidance," CEPR Discussion Papers 11251, Centre for Economic Policy Research.

    Cited by:

    1. Philippe Andrade & Gaetano Gaballo & Eric Mengus & Benoit Mojon, 2018. "Forward guidance and heterogeneous beliefs," BIS Working Papers 750, Bank for International Settlements.
    2. Bilbiie, Florin, 2018. "Complementarity, Income, and Substitution: A U(C,N) Utility for Macro," CEPR Discussion Papers 12812, Centre for Economic Policy Research.
    3. Flora Budianto & Taisuke Nakata & Sebastian Schmidt, 2020. "Average Inflation Targeting and the Interest Rate Lower Bound," CARF F-Series CARF-F-486, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    4. Bilbiie, Florin, 2018. "Neo-Fisherian Policies and Liquidity Traps," CEPR Discussion Papers 13334, Centre for Economic Policy Research.
    5. Chunbing Cai & Jordan Roulleau-Pasdeloup, 2023. "Simple Analytics of the Government Investment Multiplier," Papers 2302.11212, arXiv.org, revised Sep 2023.
    6. Nakata, Taisuke & Ogaki, Ryota & Schmidt, Sebastian & Yoo, Paul, 2019. "Attenuating the forward guidance puzzle: implications for optimal monetary policy," Working Paper Series 2220, European Central Bank.
    7. Robbins, Jacob A., 2026. "Expectation traps and Neo-Fisherian policy," Journal of Economic Dynamics and Control, Elsevier, vol. 183(C).
    8. Bonciani, Dario & Oh, Joonseok, 2025. "Optimal monetary policy mix at the zero lower bound," Journal of Economic Dynamics and Control, Elsevier, vol. 170(C).
    9. André, Marine-Charlotte & Traficante, Guido, 2020. "Forward Guidance in Small Open Economy," MPRA Paper 104600, University Library of Munich, Germany.
    10. Goy, Gavin & Hommes, Cars & Mavromatis, Kostas, 2022. "Forward guidance and the role of central bank credibility under heterogeneous beliefs," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 1240-1274.
    11. Rodríguez Arosemena, Nicolás, 2018. "The Dominium Mundi Game and the Case for Artificial Intelligence in Economics and the Law," MPRA Paper 90560, University Library of Munich, Germany.
    12. Bilbiie, Florin, 2017. "The New Keynesian Cross," CEPR Discussion Papers 11989, Centre for Economic Policy Research.
    13. Bilbiie, Florin & Ragot, Xavier, 2017. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," CEPR Discussion Papers 11814, Centre for Economic Policy Research.
    14. He Nie & Jordan Roulleau-Pasdeloup, 2023. "The promises (and perils) of control-contingent forward guidance," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 49, pages 77-98, July.
    15. Bilbiie, Florin, 2017. "The Puzzle, the Power, and the Dark Side: Forward Guidance Redux," CEPR Discussion Papers 12231, Centre for Economic Policy Research.
    16. Taisuke Nakata & Hiroatsu Tanaka, 2026. "Equilibrium Yield Curves and the Interest Rate Lower Bound"," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 62, November.
    17. Sheen, Jeffrey & Wang, Ben Zhe, 2023. "Do monetary condition news at the zero lower bound influence households’ expectations and readiness to spend?," European Economic Review, Elsevier, vol. 152(C).
    18. Roulleau-Pasdeloup, Jordan, 2023. "Analyzing Linear DSGE models: the Method of Undetermined Markov States," Journal of Economic Dynamics and Control, Elsevier, vol. 151(C).
    19. Tillmann Peter, 2021. "Robust Monetary Policy Under Uncertainty About the Lower Bound," The B.E. Journal of Macroeconomics, De Gruyter, vol. 21(1), pages 309-321, January.
    20. James Dean & Scott Schuh, 2026. "From Conventional to Unconventional Monetary Policy: Is the Taylor Rule an Adequate Representation in Macro Models?," Empirical Economics, Springer, vol. 70(2), pages 1-48, February.
    21. Roulleau-Pasdeloup, Jordan, 2020. "Optimal monetary policy and determinacy under active/passive regimes," European Economic Review, Elsevier, vol. 130(C).
    22. Tayler, William J. & Zilberman, Roy, 2021. "Optimal Loan Loss Provisions and Welfare," Journal of Macroeconomics, Elsevier, vol. 69(C).
    23. Bonciani, Dario & Oh, Joonseok, 2026. "Unemployment risk, liquidity traps, and monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 182(C).
    24. Batista, Quentin & Nakata, Taisuke & Sunakawa, Takeki, 2023. "Credible Forward Guidance," Journal of Economic Dynamics and Control, Elsevier, vol. 153(C).
    25. André Marine Charlotte & Traficante Guido, 2021. "Forward Guidance in an Advanced Small Open Economy in the Effective Lower Bound," Working Papers 2021-16, Banco de México.
    26. Naoto Soma, 2021. "Parameter Uncertainty and Effective Lower Bound Risk," IMES Discussion Paper Series 21-E-11, Institute for Monetary and Economic Studies, Bank of Japan.
    27. David Finck, 2020. "Forward Guidance Under the Cost Channel," MAGKS Papers on Economics 202004, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    28. Maliar, Lilia & Taylor, John B., 2024. "Odyssean forward guidance in normal times," Journal of Economic Dynamics and Control, Elsevier, vol. 165(C).

  18. Bilbiie, Florin & Ghironi, Fabio & Melitz, Marc J, 2016. "Monopoly Power and Endogenous Product Variety: Distortions and Remedies," CEPR Discussion Papers 11294, Centre for Economic Policy Research.

    Cited by:

    1. Jing Wan & Jie Zhang, 2023. "R&D subsidies, income taxes, and growth through cycles," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 76(3), pages 827-866, October.
    2. Uluc Aysun & Zeynep Yom, 2021. "R&D Characteristics, Innovation Spillover, and Technology-Driven Business Cycles," Journal of Industry, Competition and Trade, Springer, vol. 21(3), pages 339-365, September.
    3. Masashige Hamano & Francesco Zanetti, 2020. "Monetary Policy, Firm Heterogeneity, and Product Variety," Working Papers 2005, Waseda University, Faculty of Political Science and Economics.
    4. Fabio Ghironi & Sanjay K. Chugh, 2011. "Optimal Fiscal Policy with Endogenous Product Variety," Boston College Working Papers in Economics 775, Boston College Department of Economics.
    5. Lilia Cavallari & Federico Etro, 2018. "Demand, Markups and the Business Cycle," Working Papers - Economics wp2018_30.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    6. Hassan Molana & Catia Montagna, 2018. "Competitive selection, trade, and employment: The strategic use of subsidies," Review of International Economics, Wiley Blackwell, vol. 26(5), pages 1154-1177, November.
    7. Bilbiie, Florin O. & Fujiwara, Ippei & Ghironi, Fabio, 2014. "Optimal monetary policy with endogenous entry and product variety," Journal of Monetary Economics, Elsevier, vol. 64(C), pages 1-20.
    8. Campbell Leith & Simon Wren‐Lewis, 2013. "Fiscal Sustainability in a New Keynesian Model," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(8), pages 1477-1516, December.
    9. Hinterlang, Natascha & Jäger, Marius & Stähler, Nikolai & Strobel, Johannes, 2025. "Transfers or subsidies? Comparing mitigation strategies for energy price shocks in a production network model," Economic Modelling, Elsevier, vol. 152(C).
    10. Cheng-wei Chang & Ching-chong Lai, 2021. "Optimal fiscal policies and market structures with monopolistic competition," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 28(6), pages 1385-1411, December.
    11. David Baqaee & Emmanuel Farhi & Kunal Sangani, 2020. "The Darwinian Returns to Scale," NBER Working Papers 27139, National Bureau of Economic Research, Inc.
    12. Luis Gonzalo Llosa & Venky Venkateswaran, 2015. "Efficiency with Endogenous Information Choice," Working Papers 44, Peruvian Economic Association.
    13. Opp, Marcus M. & Parlour, Christine A. & Walden, Johan, 2014. "Markup cycles, dynamic misallocation, and amplification," Journal of Economic Theory, Elsevier, vol. 154(C), pages 126-161.
    14. Berentsen, Aleksander & Waller, Christopher, 2013. "Optimal Stabilization Policy with Search Externalities," MPRA Paper 59745, University Library of Munich, Germany.
    15. Uluc Aysun & Melanie Guldi & Adam Honig & Zeynep Yom, 2020. "R&D, Market Power and the Cyclicality of Employment," Villanova School of Business Department of Economics and Statistics Working Paper Series 47, Villanova School of Business Department of Economics and Statistics.
    16. Grafeneder-Weissteiner, Theresa & Kubin, Ingrid & Prettner, Klaus & Prskawetz, Alexia & Wrzaczek, Stefan, 2015. "Coping with inefficiencies in a New Economic Geography model: The unintended consequences of policy interventions," Mathematical Social Sciences, Elsevier, vol. 76(C), pages 146-157.
    17. Kristian Behrens & Yasusada Murata, 2011. "Trade, Competition, and Efficiency (revised version)," Cahiers de recherche 1118, CIRPEE.
    18. Finkelstein Shapiro, Alan & Metcalf, Gilbert E., 2023. "The macroeconomic effects of a carbon tax to meet the U.S. Paris agreement target: The role of firm creation and technology adoption," Journal of Public Economics, Elsevier, vol. 218(C).
    19. Hinterlang, Natascha & Jäger, Marius & Stähler, Nikolai & Strobel, Johannes, 2024. "On curbing the rise in energy prices: An examination of different mitigation approaches," Discussion Papers 09/2024, Deutsche Bundesbank.
    20. Khalil, Makram & Lewis, Vivien, 2024. "Product turnover and endogenous price flexibility in uncertain times," Discussion Papers 14/2024, Deutsche Bundesbank.
    21. Aysun, Uluc, 2024. "Technology diffusion and international business cycles," Journal of International Money and Finance, Elsevier, vol. 140(C).
    22. Matteo Cacciatore & Giuseppe Fiori, 2016. "The Macroeconomic Effects of Goods and Labor Marlet Deregulation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 20, pages 1-24, April.
    23. Uluc Aysun & Zeynep Yom, 2019. "R&D, innovation spillover and business cycles," Working Papers 2019-04, University of Central Florida, Department of Economics.
    24. Wang, Xichao & Gibson, Mark J., 2015. "Trade, non-homothetic preferences, and the impact of country size on wages," Economics Letters, Elsevier, vol. 132(C), pages 121-124.
    25. Cacciatore, Matteo & Fiori, Giuseppe & Ghironi, Fabio, 2016. "Market deregulation and optimal monetary policy in a monetary union," Journal of International Economics, Elsevier, vol. 99(C), pages 120-137.
    26. Inga Heiland & Wilhelm Kohler, 2018. "Heterogeneous Workers, Trade, and Migration," CESifo Working Paper Series 7355, CESifo.
    27. Colciago, Andrea & Rossi, Lorenza, 2011. "Endogenous market structures and labour market dynamics," Bank of Finland Research Discussion Papers 12/2011, Bank of Finland.
    28. Savagar, Anthony & Dixon, Huw, 2020. "Firm entry, excess capacity and endogenous productivity," European Economic Review, Elsevier, vol. 121(C).
    29. Alexander Tarasov & Robertas Zubrickas, 2021. "Optimal Income Taxation under Monopolistic Competition," CESifo Working Paper Series 9309, CESifo.
    30. Uluc Aysun & Sami Alpanda, 2023. "The cyclicality of income distribution and innovation induced growth," Working Papers 2023-01, University of Central Florida, Department of Economics.
    31. Masashige HAMANO & Toshihiro OKUBO, 2021. "In Search of Lost Time: Firm Vintage and Macroeconomic Dynamics," Discussion papers 21015, Research Institute of Economy, Trade and Industry (RIETI).
    32. colciago, andrea & Rossi, Lorenza, 2011. "Endogenous Market Structures and the Business Cycle," MPRA Paper 29629, University Library of Munich, Germany.
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    48. Alfonso Camba & Matías Covarrubias & José Luis Rodríguez & Raquel Tárrega, 2026. "El coste en bienestar de los márgenes en mercados de productos en España: un análisis con empresas heterogéneas," Occasional Papers 2611, Banco de España.
    49. Louis Kaplow, 2024. "Optimal Income Taxation," Journal of Economic Literature, American Economic Association, vol. 62(2), pages 637-738, June.
    50. Inga Heiland, 2017. "Five Essays on International Trade, Factor Flows and the Gains from Globalization," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 74, September.
    51. Chen, Yu & Gu, Xin & Gao, Yongqiang & Lan, Tian, 2021. "Sustainability with high-speed rails: The effects of transportation infrastructure development on firms’ CSR performance," Journal of Contemporary Accounting and Economics, Elsevier, vol. 17(2).
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    67. Yan Liang, 2023. "Misallocation and Markups: Evidence from Indian Manufacturing," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 161-176, December.
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    69. Tao, Zhang & Huang, Xiao Yue & Dang, Yi Jing & Qiao, Sen, 2022. "The impact of factor market distortions on profit sustainable growth of Chinese renewable energy enterprises: The moderating effect of environmental regulation," Renewable Energy, Elsevier, vol. 200(C), pages 1068-1080.
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  19. Perotti, Roberto & Monacelli, Tommaso & Bilbiie, Florin, 2014. "Is Government Spending at the Zero Lower Bound Desirable?," CEPR Discussion Papers 10210, Centre for Economic Policy Research.

    Cited by:

    1. Miyazaki, Tomomi & Hiraga, Kazuki & Kozuka, Masafumi, 2024. "Stock market response to public investment under the zero lower bound: Cross-industry evidence from Japan," Journal of the Japanese and International Economies, Elsevier, vol. 71(C).
    2. Michau, Jean-Baptiste, 2025. "Fiscal policy under secular stagnation: An optimal pump-priming strategy," Journal of Economic Dynamics and Control, Elsevier, vol. 175(C).
    3. Chiara Punzo & Lorenza Rossi, 2019. "The Redistributive Effects of a Money-Financed Fiscal Stimulus," DISCE - Working Papers del Dipartimento di Economia e Finanza def076, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    4. Riyad Abubaker, 2016. "Consumption and Money Uncertainty at the Zero Lower Bound," Economics Bulletin, AccessEcon, vol. 36(1), pages 449-463.
    5. Juan Carlos Cuestas & Mercedes Monfort, 2022. "Fiscal consumption and private consumption in Europe: what have we learned?," Working Papers 2022/05, Economics Department, Universitat Jaume I, Castellón (Spain).
    6. Marie-Pierre HORY & Grégory LEVIEUGE & Daria ONORI, 2018. "The (low) fiscal multiplier when debt is denominated in foreign currency," LEO Working Papers / DR LEO 2583, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    7. Michal Bencik, 2017. "Do Fiscal Multipliers Vary with Different Character of Monetary-Fiscal Interactions?," Working and Discussion Papers WP 11/2017, Research Department, National Bank of Slovakia.
    8. Antonio Antunes & Valerio Ercolani, 2020. "Public debt expansions and the dynamics of the household borrowing constraint," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 1-32, July.
    9. Jordan Roulleau‐Pasdeloup, 2018. "The Government Spending Multiplier in a (Mis)Managed Liquidity Trap," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(2-3), pages 293-315, March.
    10. Christian Bredemeier & Falko Juessen & Andreas Schabert, 2015. "Fiscal policy, interest rate spreads,and the zero lower bound," Working Paper Series in Economics 80, University of Cologne, Department of Economics.
    11. Bilbiie, Florin O. & Monacelli, Tommaso & Perotti, Roberto, 2024. "Stabilization vs. Redistribution: The optimal monetary–fiscal mix," Journal of Monetary Economics, Elsevier, vol. 147(S).
    12. Hory, Marie-Pierre & Levieuge, Grégory & Onori, Daria, 2023. "The fiscal multiplier when debt is denominated in foreign currency," International Economics, Elsevier, vol. 176(C).
    13. Blanchard, Olivier & Erceg, Christopher & Lindé, Jesper, 2015. "Jump-Starting the Euro Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery?," CEPR Discussion Papers 10716, Centre for Economic Policy Research.
    14. Masashige Hamano & Yuki Murakami, 2025. "Optimal Government Spending in a Collateral-Constrained Small Open Economy," DEM Discussion Paper Series 25-02, Department of Economics at the University of Luxembourg.
    15. Engin Kara & Jasmin Sin, 2018. "The Fiscal Multiplier in a Liquidity‐Constrained New Keynesian Economy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 120(1), pages 93-123, January.
    16. Hafedh Bouakez & Michel Guillard & Jordan Roulleau-Pasdeloup, 2016. "The Optimal Composition of Public Spending in a Deep Recession," Cahiers de Recherches Economiques du Département d'économie 16.09, Université de Lausanne, Faculté des HEC, Département d’économie.
    17. Tomomi Miyazaki & Haruo Kondoh & Huanhuan Guo & Naoto Tanemoto, 2025. "Effects of Fiscal Policy on Employment under the Zero Lower Bound in Japan: An Empirical Investigation with Gender and Regional Heterogeneity," Discussion Papers 2524, Graduate School of Economics, Kobe University.
    18. Auray, Stéphane & Eyquem, Aurélien, 2020. "The macroeconomic effects of lockdown policies," Journal of Public Economics, Elsevier, vol. 190(C).
    19. Atanas Pekanov, 2018. "The New View on Fiscal Policy and its Implications for the European Monetary Union," WIFO Working Papers 562, WIFO.
    20. Nakata, Taisuke & Schmidt, Sebastian, 2020. "Expectations-driven liquidity traps: Implications for monetary and fiscal policy," CEPR Discussion Papers 15422, Centre for Economic Policy Research.
    21. Pablo Ottonello & Ignacio Presno & Javier Bianchi, 2016. "Unemployment, Sovereign Debt, and Fiscal Policy in a Currency Union," 2016 Meeting Papers 459, Society for Economic Dynamics.
    22. Marius Brulhart & Didier Dupertuis & Elodie Moreau, 2016. "Inheritance Flows in Switzerland, 1911-2011," Cahiers de Recherches Economiques du Département d'économie 16.05, Université de Lausanne, Faculté des HEC, Département d’économie.
    23. Max Ole Liemen & Olaf Posch, 2022. "FTPL and the Maturity Structure of Government Debt in the New Keynesian Model," CESifo Working Paper Series 9840, CESifo.
    24. Florin Bilbiie & Tommaso Monacelli & Roberto Perotti, 2015. "Is Government Spending at the Zero Lower Bound Desirable?," Working Papers 555, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    25. Jonathan Swarbrick, 2021. "Occasionally Binding Constraints in Large Models: A Review of Solution Methods," Discussion Papers 2021-5, Bank of Canada.
    26. Darracq Pariès, Matthieu & Müller, Georg & Papadopoulou, Niki, 2023. "Fiscal multipliers within the euro area in the context of sovereign risk and bank fragility," Economic Modelling, Elsevier, vol. 126(C).
    27. Taisuke Nakata, 2017. "Optimal Government Spending at the Zero Lower Bound: A Non-Ricardian Analysis," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 23, pages 150-169, January.
    28. Juan Cristóbal Campoy & Juan Carlos Negrete, 2023. "Quantitative easing rules as a means to achieve optimal levels of structural reforms and government deficits in a monetary union," The World Economy, Wiley Blackwell, vol. 46(9), pages 2755-2779, September.
    29. Philipp Engler & Juha Tervala, 2016. "Hysteresis and Fiscal Policy," Discussion Papers of DIW Berlin 1631, DIW Berlin, German Institute for Economic Research.
    30. Stephanie Schmitt-Grohé & Martín Uribe, 2017. "Liquidity Traps and Jobless Recoveries," American Economic Journal: Macroeconomics, American Economic Association, vol. 9(1), pages 165-204, January.
    31. Matthieu Darracq Paries & Georg Muller & Niki Papadopoulou, 2022. "Fiscal Multipliers with Sovereign Risk and Fragile Banks," Working Papers 2022-5, Central Bank of Cyprus.
    32. Gilles Dufrénot & Aurélia Jambois & Laurine Jambois & Guillaume Khayat, 2016. "Regime-Dependent Fiscal Multipliers in the United States," Open Economies Review, Springer, vol. 27(5), pages 923-944, November.
    33. Adiya Belgibayeva & Michal Horvath, 2015. "Optimal Conventional Stabilization Policy in a Liquidity Trap When Wages and Prices are Sticky," Discussion Papers 15/11, Department of Economics, University of York.

  20. Florin Bilbiie & Roland Straub, 2012. "Changes in the Output Euler Equation and Asset Markets Participation," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00680647, HAL.

    Cited by:

    1. Qazi Haque & Leandro M. Magnusson, 2020. "Identification robust empirical evidence on the Euler equation in open economies," CAMA Working Papers 2020-07, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    2. Bilbiie, Florin, 2018. "Complementarity, Income, and Substitution: A U(C,N) Utility for Macro," CEPR Discussion Papers 12812, Centre for Economic Policy Research.
    3. Bilbiie, Florin & Straub, Roland, 2011. "Asset Market Participation, Monetary Policy Rules and the Great Inflation," CEPR Discussion Papers 8555, Centre for Economic Policy Research.
    4. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    5. Gabe J. Bondt, 2025. "Future real GDP: real interest rate and inflation matter," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 49(3), pages 661-681, September.
    6. Marwa Elsherif, 2019. "The Relationship between Financial Inclusion and Monetary Policy Transmission: The Case of Egypt," Proceedings of International Academic Conferences 9010737, International Institute of Social and Economic Sciences.
    7. Florin Bilbiie & Xavier Ragot, 2017. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," Sciences Po Economics Discussion Papers hal-03471839, HAL.
    8. Motta, Giorgio & Tirelli, Patrizio, 2015. "Money Targeting, Heterogeneous Agents, And Dynamic Instability," Macroeconomic Dynamics, Cambridge University Press, vol. 19(2), pages 288-310, March.
    9. Alice Albonico & Guido Ascari & Qazi Haque, 2024. "The (Ir)Relevance of Rule‐of‐Thumb Consumers for U.S. Business Cycle Fluctuations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(4), pages 769-804, June.
    10. Joaquim Andrade & Pedro Cordeiro & Guilherme Lambais, 2019. "Estimating a Behavioral New Keynesian Model," Papers 1912.07601, arXiv.org.
    11. Bilbiie, Florin O., 2020. "The New Keynesian cross," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 90-108.
    12. Qazi Haque & Nicolas Groshenny & Mark Weder, 2020. "Do We Really Know that U.S. Monetary Policy was Destabilizing in the 1970s?," Economics Working Papers 2020-10, Department of Economics and Business Economics, Aarhus University.
    13. Alice Albonico & Alessia Paccagnini & Patrizio Tirelli, 2018. "Limited Asset Market Participation and the Euro Area Crisis. An Empirical DSGE Model," Working Papers 391, University of Milano-Bicocca, Department of Economics, revised Nov 2018.
    14. Alice Albonico & Alessia Paccagnini & Patrizio Tirelli, 2014. "Estimating a DSGE model with Limited Asset Market Participation for the Euro Area," Working Papers 286, University of Milano-Bicocca, Department of Economics, revised Nov 2014.
    15. Bilbiie, Florin, 2017. "The Puzzle, the Power, and the Dark Side: Forward Guidance Redux," CEPR Discussion Papers 12231, Centre for Economic Policy Research.
    16. Andreas Tryphonides, 2023. "Identifying Preferences when Households are Financially Constrained," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 521-546, December.
    17. Ascari, Guido & Magnusson, Leandro M. & Mavroeidis, Sophocles, 2021. "Empirical evidence on the Euler equation for consumption in the US," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 129-152.
    18. Qazi Haque & Leandro M. Magnusson, 2023. "Identification Robust Empirical Evidence on the Open Economy IS‐Curve," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 85(2), pages 345-372, April.
    19. Furlanetto, Francesco & Seneca, Martin, 2014. "Investment shocks and consumption," European Economic Review, Elsevier, vol. 66(C), pages 111-126.
    20. Malikane, Christopher, 2024. "Traditional output dynamics: A structural perspective," Journal of Macroeconomics, Elsevier, vol. 82(C).
    21. Pym Manopimoke, 2016. "The Output Euler Equation and Real Interest Rate Regimes," PIER Discussion Papers 33, Puey Ungphakorn Institute for Economic Research.
    22. Shesadri Banerjee & Harendra Behera, 2023. "Financial frictions, bank intermediation and monetary policy transmission in India," Economics of Transition and Institutional Change, John Wiley & Sons, vol. 31(3), pages 749-785, July.

  21. Perotti, Roberto & Monacelli, Tommaso & Bilbiie, Florin, 2012. "Public Debt and Redistribution with Borrowing Constraints," CEPR Discussion Papers 9088, Centre for Economic Policy Research.

    Cited by:

    1. Spector, Mariano, 2024. "Redistributive fiscal policy and marginal propensities to consume," Journal of Economic Theory, Elsevier, vol. 218(C).
    2. Girish Bahal & Anand Shrivastava, 2022. "Fiscal transfers and inflation: evidence from India," Empirical Economics, Springer, vol. 63(4), pages 1837-1858, October.
    3. Engin Kara & Jasmin Sin, 2018. "The Fiscal Multiplier in a Liquidity‐Constrained New Keynesian Economy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 120(1), pages 93-123, January.
    4. Frédéric Dufourt & Lisa Kerdelhué & Océane Piétri, 2021. "Budget-neutral capital tax cuts," Working Papers halshs-03424147, HAL.
    5. Cristiano Cantore & Lukas Freund, 2020. "Workers, capitalists, and the government: fiscal policy and income (re)distribution," Bank of England Staff Working Paper series 858, Bank of England.
    6. Chiara Punzo & Lorenza Rossi, 2023. "A Money‐Financed Fiscal Stimulus: Redistribution and Social Welfare," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(2-3), pages 595-617, March.
    7. Tian, Hanhui & Wang, Chenxi & Zhang, Chengsi, 2025. "The effects of fiscal stimulus under monetary accommodation," Journal of Macroeconomics, Elsevier, vol. 85(C).
    8. Mihai Mutascu & Albert Lessoua & Nicolae Bogdan Ianc, 2024. "Public debt and inequality in Sub-Saharan Africa: the case of EMCCA and WAEMU countries," Economic Change and Restructuring, Springer, vol. 57(5), pages 1-44, October.
    9. Cristiano Cantore & Filippo Ferroni & Hroon Mumtaz & Angeliki Theophilopoulou, 2022. "A tail of labour supply and a tale of monetary policy," Bank of England Staff Working Paper series 989, Bank of England.
    10. Acharya, Sushant & Dogra, Keshav, 2020. "The Side Effects of Safe Asset Creation," CEPR Discussion Papers 14440, Centre for Economic Policy Research.
    11. Cristiano Cantore & Pascal Meichtry, 2023. "Unwinding quantitative easing: state dependency and household heterogeneity," Bank of England Staff Working Paper series 1030, Bank of England.
    12. Sushant Acharya & Keshav Dogra, 2020. "Understanding HANK: Insights From a PRANK," Econometrica, Econometric Society, vol. 88(3), pages 1113-1158, May.
    13. Chiara Punzo & Lorenza Rossi, 2019. "The Redistributive Effects of a Money-Financed Fiscal Stimulus," DEM Working Papers Series 168, University of Pavia, Department of Economics and Management.
    14. Bilbiie, Florin & Monacelli, Tommaso & Perotti, Roberto, 2020. "Stabilization vs. Redistribution: the Optimal Monetary-Fiscal Mix," CEPR Discussion Papers 15199, Centre for Economic Policy Research.
    15. Antonio Antunes & Valerio Ercolani, 2020. "Public debt expansions and the dynamics of the household borrowing constraint," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 37, pages 1-32, July.
    16. Kaszab, Lorant, 2012. "Rule-of-Thumb Consumers and Labor Tax Cut Policy in the Zero Lower Bound," Cardiff Economics Working Papers E2012/13, Cardiff University, Cardiff Business School, Economics Section, revised Apr 2013.
    17. Bernd Hayo & Florian Neumeier, 2016. "The (In)Validity of the Ricardian Equivalence Theorem – Findings from a Representative German Population Survey," ifo Working Paper Series 233, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    18. Tsiaras, Stylianos, 2023. "Asset purchases, limited asset markets participation and inequality," Journal of Economic Dynamics and Control, Elsevier, vol. 154(C).
    19. Zheng Gong, 2025. "When Does Household Heterogeneity Matter for Aggregate Fluctuations?," CRC TR 224 Discussion Paper Series crctr224_2025_624v2, University of Bonn and University of Mannheim, Germany, revised Sep 2025.
    20. Idrissa Zida & Idrissa Ouedraogo & Relwendé Sawadogo, 2025. "Effects of public debt on income inequality in sub-Saharan Africa: exploring the direct and indirect transmission channels," Economic Change and Restructuring, Springer, vol. 58(5), pages 1-37, October.
    21. Albonico, Alice & Ascari, Guido & Gobbi, Alessandro, 2021. "The public debt multiplier," Journal of Economic Dynamics and Control, Elsevier, vol. 132(C).
    22. Christian Bayer & Benjamin Born & Ralph Luetticke & Gernot J Müller, 2023. "The Coronavirus Stimulus Package: How Large is the Transfer Multiplier," The Economic Journal, Royal Economic Society, vol. 133(652), pages 1318-1347.
    23. Andrea Boitani & Chiara Punzo, 2018. "Banks’ leverage behaviour in a two-agent New Keynesian model," DISCE - Working Papers del Dipartimento di Economia e Finanza def063, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
    24. Debrun, Xavier & Masuch, Klaus & Ferrero, Guiseppe & Vansteenkiste, Isabel & Ferdinandusse, Marien & von Thadden, Leopold & Hauptmeier, Sebastian & Alloza, Mario & Derouen, Chloé & Bańkowski, Krzyszto, 2021. "Monetary-fiscal policy interactions in the euro area," Occasional Paper Series 273, European Central Bank.
    25. Bilbiie, Florin O., 2020. "The New Keynesian cross," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 90-108.
    26. Sakkas, Stelios & Varthalitis, Petros, 2018. "The (intertemporal) equity-efficiency trade-off of fiscal consolidation," MPRA Paper 90983, University Library of Munich, Germany.
    27. Javkhlan Ganbayar, 2024. "Effects of Expansionary Fiscal Policy in a Commodity-Exporting Economy: Evidence from Mongolia," Bulletin of Applied Economics, Risk Market Journals, vol. 11(1), pages 15-39.
    28. Gervasio SEMEDO & Bertrand LAPORTE & Asbath ALASSANI, 2022. "How does tax structure affect income inequality? Empirical evidence from Sub-Saharan Africa," LEO Working Papers / DR LEO 2960, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    29. Giambattista, Eric & Pennings, Steven, 2017. "When is the government transfer multiplier large?," European Economic Review, Elsevier, vol. 100(C), pages 525-543.
    30. Adrien Auclert & Matthew Rognlie & Ludwig Straub, 2024. "The Intertemporal Keynesian Cross," Journal of Political Economy, University of Chicago Press, vol. 132(12), pages 4068-4121.
    31. Saroj Bhattarai & Jae Won Lee & Choongryul Yang, 2023. "Redistribution and the monetary‐fiscal policy mix," Quantitative Economics, Econometric Society, vol. 14(3), pages 817-853, July.
    32. Liu, Shih-fu & Huang, Wei-chi & Lai, Ching-chong, 2022. "The Paradox of Toil at the Zero Lower Bound in a TANK Model," European Economic Review, Elsevier, vol. 148(C).
    33. Jonsoo Kim & Daeha Cho & Kwang Hwan Kim, 2026. "Household Income Inequality and Optimal Trend Inflation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 61, August.
    34. Bilbiie, Florin, 2017. "The Puzzle, the Power, and the Dark Side: Forward Guidance Redux," CEPR Discussion Papers 12231, Centre for Economic Policy Research.
    35. Girish Bahal, 2020. "Estimating the Impact of Welfare Programs on Agricultural Output: Evidence from India," American Journal of Agricultural Economics, John Wiley & Sons, vol. 102(3), pages 982-998, May.
    36. Yunmin Chen & YiLi Chien & Yi Wen & C. C. Yang, 2021. "Are Unconditional Lump-sum Transfers a Good Idea?," Working Papers 2021-002, Federal Reserve Bank of St. Louis, revised 10 Sep 2021.
    37. Stelios Sakkas & Petros Varthalitis, 2021. "Public Debt Consolidation and its Distributional Effects," Manchester School, University of Manchester, vol. 89(S1), pages 131-174, September.
    38. Alistair Macaulay, 2021. "The Attention Trap: Rational Inattention, Inequality, and Fiscal Policy," Economics Series Working Papers 931, University of Oxford, Department of Economics.
    39. Jordan Roulleau-Pasdeloup, 2013. "The Productive Government Spending Multiplier, In and Out of The Zero Lower Bound," Working Papers 2013-02, Center for Research in Economics and Statistics.
    40. Xavier Ragot & Julien Matheron & Juan Rubio-Ramirez & Edouard Challe, 2013. "Precautionary Saving and Aggregate Demand," 2013 Meeting Papers 932, Society for Economic Dynamics.
    41. Lorenza Rossi & Chiara Punzo, 2016. "Money-Financed versus Debt-Financed Fiscal Stimulus with Borrowing Constraints," DEM Working Papers Series 131, University of Pavia, Department of Economics and Management.
    42. Bahal, G., 2017. "Estimating Transfer Multiplier using Spending on Rural Development Programs in India," Cambridge Working Papers in Economics 1709, Faculty of Economics, University of Cambridge.
    43. Chiara Punzo & Lorenza Rossi, 2021. "Is a Money-financed Fiscal Stimulus Desirable?," Working papers 818, Banque de France.
    44. Giambattista,Eric & Pennings,Steven Michael, 2017. "When is the government transfer multiplier large ?," Policy Research Working Paper Series 8184, The World Bank.
    45. Charalampidis, Nikolaos, 2022. "Top income shares, inequality, and business cycles: United States, 1957–2016," European Economic Review, Elsevier, vol. 150(C).
    46. Neil R. Mehrotra, 2018. "Fiscal Policy Stabilization: Purchases or Transfers?," International Journal of Central Banking, International Journal of Central Banking, vol. 14(2), pages 1-50, March.

  22. Florin Bilbiie, 2011. "The Time Inconsistency of Delegation-Based Time Inconsistency Solutions in Monetary Policy," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00622870, HAL.

    Cited by:

    1. Bilbiie, Florin O., 2014. "Delegating optimal monetary policy inertia," Journal of Economic Dynamics and Control, Elsevier, vol. 48(C), pages 63-78.
    2. Barthelemy, Jean & Mengus, Eric, 2024. "Time-consistent implementation in macroeconomic games," Theoretical Economics, Econometric Society, vol. 19(3), July.

  23. Florin Bilbiie, 2011. "Non-Separable Preferences, Frisch Labor Supply and the Consumption Multiplier of Government Spending: One Solution to a Fiscal Policy Puzzle," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00622872, HAL.

    Cited by:

    1. Adrien Auclert & Matthew Rognlie & Ludwig Straub, 2018. "The Intertemporal Keynesian Cross," NBER Working Papers 25020, National Bureau of Economic Research, Inc.
    2. Roberto perotti, 2011. "Expectations and Fiscal Policy: An Empirical Investigation," Working Papers 429, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    3. Bilbiie, Florin, 2018. "Complementarity, Income, and Substitution: A U(C,N) Utility for Macro," CEPR Discussion Papers 12812, Centre for Economic Policy Research.
    4. Bianchi-Vimercati, Riccardo & Eichenbaum, Martin & Guerreiro, Joao, 2024. "Fiscal stimulus with imperfect expectations: Spending vs. tax policy," Journal of Economic Theory, Elsevier, vol. 217(C).
    5. Benjamin Bridgman, 2016. "Engines of Leisure," BEA Working Papers 0137, Bureau of Economic Analysis.
    6. İrem Zeyneloğlu & Gilbert Koenig, 2016. "Recent Economic Developments and the Implications for Fiscal Policy in Open Economy Macroeconomics," Revue d'économie politique, Dalloz, vol. 126(6), pages 1023-1056.
    7. Alessio Moro & Omar Rachedi, 2022. "The Changing Structure Of Government Consumption Spending," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(3), pages 1293-1323, August.
    8. Romanos Priftis & Srec̆ko Zimic, 2021. "Sources of Borrowing and Fiscal Multipliers [Emerging market business cycles: the cycle is the trend]," The Economic Journal, Royal Economic Society, vol. 131(633), pages 498-519.
    9. Hristov, Atanas, 2022. "Credit spread and the transmission of government purchases shocks," Economic Modelling, Elsevier, vol. 107(C).
    10. Hafedh Bouakez & Michel Guillard & Jordan Roulleau-Pasdeloup, 2016. "Public Investment, Time to Build, and the Zero Lower Bound," Documents de recherche 16-09, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
    11. Patrick F?ve & Julien Matheron & Jean-Guillaume Sahuc, 2013. "A Pitfall with Estimated DSGE-Based Government Spending Multipliers," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(4), pages 141-178, October.
    12. Olivier CARDI & Romain RESTOUT, 2023. "Sectoral Fiscal Multipliers And Technology In Open Economy," Working Papers of BETA 2023-20, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    13. Portier, Franck & Beaudry, Paul, 2011. "A Gains from Trade Perspective on Macroeconomic Fluctuations," CEPR Discussion Papers 8487, Centre for Economic Policy Research.
    14. Vivien Lewis & Roland Winkler, 2017. "Government Spending, Entry, And The Consumption Crowding‐In Puzzle," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 58(3), pages 943-972, August.
    15. Stefano Grassi & Marco Lorusso & Francesco Ravazzolo, 2021. "Adaptive Importance Sampling for DSGE Models," BEMPS - Bozen Economics & Management Paper Series BEMPS84, Faculty of Economics and Management at the Free University of Bozen.
    16. Proebsting, Christian, 2022. "Market segmentation and spending multipliers," Journal of Monetary Economics, Elsevier, vol. 128(C), pages 1-19.
    17. Mankart, Jochen & Priftis, Romanos & Oikonomou, Rigas, 2024. "The long and short of financing government spending," VfS Annual Conference 2024 (Berlin): Upcoming Labor Market Challenges 302414, Verein für Socialpolitik / German Economic Association.
    18. Roman Goncharenko & Elizaveta Lukmanova, 2026. "Persistent monetary policy in a model with involuntary unemployment," Economic Inquiry, Western Economic Association International, vol. 64(2), pages 614-640, April.
    19. Marius Brulhart & Didier Dupertuis & Elodie Moreau, 2016. "Inheritance Flows in Switzerland, 1911-2011," Cahiers de Recherches Economiques du Département d'économie 16.05, Université de Lausanne, Faculté des HEC, Département d’économie.
    20. Stylianos Asimakopoulos & Marco Lorusso & Luca Pieroni, 2021. "Can public spending boost private consumption?," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 54(3), pages 1275-1313, November.
    21. Tobias Broer & Per Krusell & Erik Öberg, 2023. "Fiscal multipliers: A heterogeneous‐agent perspective," Quantitative Economics, Econometric Society, vol. 14(3), pages 799-816, July.
    22. Mikhail Yu. Andreyev & Andrey V. Polbin, 2018. "The Impact of Fiscal Policy on Macroeconomic Indicators in DSGE-models," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 21-33, June.
    23. Quaghebeur, Ewoud, 2019. "Learning And The Size Of The Government Spending Multiplier," Macroeconomic Dynamics, Cambridge University Press, vol. 23(8), pages 3189-3224, December.
    24. Zheng Liu & Jianjun Miao & Dongling Su, 2023. "Fiscal Stimulus Under Average Inflation Targeting," Working Paper Series 2022-22, Federal Reserve Bank of San Francisco.
    25. Airaudo, Marco & Hajdini, Ina, 2023. "Wealth effects, price markups, and the neo-Fisherian hypothesis," European Economic Review, Elsevier, vol. 157(C).
    26. Tom D. Holden, 2024. "Robust Real Rate Rules," Econometrica, Econometric Society, vol. 92(5), pages 1521-1551, September.
    27. Jin, Hao & Wang, Junfeng, 2024. "The effects of a money-financed fiscal stimulus under fiscal stress," Journal of Macroeconomics, Elsevier, vol. 81(C).
    28. Larsen, Rasmus Bisgaard & Ravn, Søren Hove & Santoro, Emiliano, 2025. "House prices, endogenous productivity, and the effects of government spending shocks," European Economic Review, Elsevier, vol. 172(C).
    29. Gnocchi, Stefano & Hauser, Daniela & Pappa, Evi, 2016. "Housework and fiscal expansions," Journal of Monetary Economics, Elsevier, vol. 79(C), pages 94-108.
    30. Tesfaselassie, Mewael F., 2013. "Trend productivity growth and the government spending multiplier," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 197-207.
    31. Rüth, Sebastian K. & Simon, Camilla, 2022. "How do income and the debt position of households propagate fiscal stimulus into consumption?," Journal of Economic Dynamics and Control, Elsevier, vol. 143(C).
    32. Holden, Tom & Levine, Paul & Swarbrick, Jonathan, 2018. "Reconciling Jaimovich–Rebello preferences, habit in consumption and labor supply," Economics Letters, Elsevier, vol. 168(C), pages 132-137.
    33. Iwata, Yasuharu, 2013. "Two fiscal policy puzzles revisited: New evidence and an explanation," Journal of International Money and Finance, Elsevier, vol. 33(C), pages 188-207.
    34. Bilbiie, F. O. & Hanks, F. & Lavender, S., 2025. "Complementarity, Heterogeneity, and Multipliers: Utility for HANK," Cambridge Working Papers in Economics 2573, Faculty of Economics, University of Cambridge.
    35. Gregory E. Givens, 2022. "Unemployment, Partial Insurance, And The Multiplier Effects Of Government Spending," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(2), pages 571-599, May.
    36. Winkler, Roland & Lewis, Vivien, 2013. "Fiscal Stimulus and the Extensive Margin," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79947, Verein für Socialpolitik / German Economic Association.
    37. Giorgio Massari & Luca Portoghese & Patrizio Tirelli, 2024. "Whither Liquidity Shocks? Implications for R∗ and Monetary Policy," DEM Working Papers Series 217, University of Pavia, Department of Economics and Management.
    38. Bilbiie, Florin, 2018. "Neo-Fisherian Policies and Liquidity Traps," CEPR Discussion Papers 13334, Centre for Economic Policy Research.
    39. Marco Airaudo & Ina Hajdini, 2021. "Wealth Effects, Price Markups, and the Neo-Fisherian Hypothesis," Working Papers 21-27, Federal Reserve Bank of Cleveland.
    40. Kilponen, Juha & Vilmunen, Jouko & Vähämaa, Oskari, 2022. "Revisiting intertemporal elasticity of substitution in a sticky price model," Journal of Economic Dynamics and Control, Elsevier, vol. 144(C).
    41. Punnoose Jacob, 2015. "Deep Habits, Price Rigidities, and the Consumption Response to Government Spending," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(2-3), pages 481-510, March.
    42. Albonico, Alice & Ascari, Guido & Gobbi, Alessandro, 2021. "The public debt multiplier," Journal of Economic Dynamics and Control, Elsevier, vol. 132(C).
    43. Thomas Brand, 2017. "Vitesse et composition des ajustements budgétaires en équilibre général : une analyse appliquée à la zone euro," Revue économique, Presses de Sciences-Po, vol. 68(HS1), pages 159-182.
    44. Jordan Roulleau-Pasdeloup, 2017. "The Government Spending Multiplier in a (Mis-)Managed Liquidity Trap," Cahiers de Recherches Economiques du Département d'économie 17.04, Université de Lausanne, Faculté des HEC, Département d’économie.
    45. Huixin Bi & Ms. Wenyi Shen & Ms. Susan S. Yang, 2014. "Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries," IMF Working Papers 2014/049, International Monetary Fund.
    46. Henrique S. Basso & Omar Rachedi, 2018. "The young, the old, and the government: demographics and fiscal multipliers," Working Papers 1837, Banco de España.
    47. Gulenkov, Ilya, 2025. "Fiscal multipliers, trend inflation, and endogenous price stickiness: Evidence from the U.S," Journal of Macroeconomics, Elsevier, vol. 86(C).
    48. Bilbiie, Florin O., 2020. "The New Keynesian cross," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 90-108.
    49. Christiaan van der Kwaak, 2024. "Monetary financing does not produce miraculous fiscal multipliers," Discussion Papers 2417, Centre for Macroeconomics (CFM).
    50. Elliot Aurissergues, 2016. "Demand shocks, new keynesian model and supply effects of monetary policy," Working Papers halshs-01288980, HAL.
    51. Emi Nakamura & Jón Steinsson, 2011. "Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions," NBER Working Papers 17391, National Bureau of Economic Research, Inc.
    52. Elliot Aurissergues, 2017. "Monetary Policy Puzzle and wealth targeting consumers," Working Papers halshs-01625347, HAL.
    53. Bredemeier, Christian & Juessen, Falko & Schabert, Andreas, 2022. "Why are fiscal multipliers moderate even under monetary accommodation?," European Economic Review, Elsevier, vol. 141(C).
    54. Eusepi, Stefano & Preston, Bruce, 2015. "Consumption heterogeneity, employment dynamics and macroeconomic co-movement," Journal of Monetary Economics, Elsevier, vol. 71(C), pages 13-32.
    55. Huang, Kevin X.D. & Liu, Fengqi & Meng, Qinglai & Xue, Jianpo, 2022. "Keeping up with the Joneses and the consumption response to government spending," Economics Letters, Elsevier, vol. 220(C).
    56. Rodríguez Arosemena, Nicolás, 2018. "The Dominium Mundi Game and the Case for Artificial Intelligence in Economics and the Law," MPRA Paper 90560, University Library of Munich, Germany.
    57. Dmitriev, Alexandre, 2017. "Composite habits and international transmission of business cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 76(C), pages 1-34.
    58. Bilbiie, Florin, 2017. "The Puzzle, the Power, and the Dark Side: Forward Guidance Redux," CEPR Discussion Papers 12231, Centre for Economic Policy Research.
    59. Shuwei Zhang & Zhilu Lin, 2025. "The General Equilibrium Effects of Fiscal Policy with Government Debt Maturity," JRFM, MDPI, vol. 18(7), pages 1-26, July.
    60. Roberto Perotti, 2014. "Defense Government Spending Is Contractionary, Civilian Government Spending Is Expansionary," NBER Working Papers 20179, National Bureau of Economic Research, Inc.
    61. Rüth, Sebastian K. & Simon, Camilla, 2020. "How Do Income and the Debt Position of Households Propagate Public into Private Spending?," Working Papers 0676, University of Heidelberg, Department of Economics.
    62. Hao Jin & Junfeng Wang, 2023. "The Effects of a Money-Financed Fiscal Stimulus Under Fiscal Stress," CAEPR Working Papers 2023-006 Classification-E, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    63. Florin Bilbiie & Tommaso Monacelli & Roberto Perotti, 2015. "Is Government Spending at the Zero Lower Bound Desirable?," Working Papers 555, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    64. Christoffel, Kai & Jaccard, Ivan & Kilponen, Juha, 2013. "Welfare and bond pricing implications of fiscal stabilization policies," Bank of Finland Research Discussion Papers 32/2013, Bank of Finland.
    65. Galí, Jordi, 2020. "The effects of a money-financed fiscal stimulus," Journal of Monetary Economics, Elsevier, vol. 115(C), pages 1-19.
    66. Taisuke Nakata, 2017. "Optimal Government Spending at the Zero Lower Bound: A Non-Ricardian Analysis," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 23, pages 150-169, January.
    67. Miyamoto, Wataru & Nguyen, Thuy Lan & Sheremirov, Viacheslav, 2019. "The effects of government spending on real exchange rates: Evidence from military spending panel data," Journal of International Economics, Elsevier, vol. 116(C), pages 144-157.
    68. Jordan Roulleau-Pasdeloup, 2013. "The Productive Government Spending Multiplier, In and Out of The Zero Lower Bound," Working Papers 2013-02, Center for Research in Economics and Statistics.
    69. Lechthaler, Wolfgang & Tesfaselassie, Mewael F., 2021. "Endogenous growth, skill obsolescence and fiscal multipliers," Kiel Working Papers 2184, Kiel Institute for the World Economy.
    70. Eric M. Leeper & Nora Traum & Todd B. Walker, 2011. "Clearing Up the Fiscal Multiplier Morass," NBER Working Papers 17444, National Bureau of Economic Research, Inc.
    71. Kopiec, Paweł, 2022. "The government spending multiplier in the Heterogeneous Agent New Keynesian model," European Economic Review, Elsevier, vol. 145(C).
    72. Moro, Alessio & Rachedi, Omar, 2018. "The Changing Structure of Government Spending," MPRA Paper 86577, University Library of Munich, Germany.
    73. Jørgensen, Peter L. & Ravn, Søren H., 2022. "The inflation response to government spending shocks: A fiscal price puzzle?," European Economic Review, Elsevier, vol. 141(C).
    74. Gregory E. Givens & Tavoy D. Reid, 2026. "Strengthening the micro origins of macro multipliers via partial insurance and increasing returns," Economic Inquiry, Western Economic Association International, vol. 64(2), pages 724-747, April.
    75. Chen, Yong & Liu, Dingming, 2018. "Government spending shocks and the real exchange rate in China: Evidence from a sign-restricted VAR model," Economic Modelling, Elsevier, vol. 68(C), pages 543-554.
    76. Brueckner, Markus & Pappa, Evi & Valentinyi, Akos, 2019. "Local Autonomy and Government Spending Multipliers: Evidence from European Regions," CEPR Discussion Papers 14106, Centre for Economic Policy Research.
    77. Celso José Costa-Junior & Sérgio R. de Brito Gadelha & Alejandro C. Garcia-Cintado, 2026. "Fiscal Policy in an SNA-Compliant DSGE Model for Emerging Markets," Open Economies Review, Springer, vol. 37(3), pages 901-960, July.
    78. Taisuke Nakata & Hiroatsu Tanaka, 2026. "Equilibrium Yield Curves and the Interest Rate Lower Bound"," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 62, November.
    79. Babette Jansen & Roland Winkler, 2024. "Household Heterogeneity, Nonseparable Preferences, and the Taylor Principle," Jena Economics Research Papers 2024-006, Friedrich-Schiller-University Jena.
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  24. Bilbiie, Florin & Straub, Roland, 2011. "Asset Market Participation, Monetary Policy Rules and the Great Inflation," CEPR Discussion Papers 8555, Centre for Economic Policy Research.

    Cited by:

    1. Florin Bilbiie & Xavier Ragot, 2017. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," Working Papers hal-03471839, HAL.
    2. Joep Lustenhouwer & Kostas Mavromatis, 2025. "The Effects of Fiscal Policy When Planning Horizons are Finite," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 57(2-3), pages 549-582, March.
    3. Gerke, Rafael & Kienzler, Daniel & Scheer, Alexander, 2021. "Unconventional monetary policies at the effective lower bound," Technical Papers 03/2021, Deutsche Bundesbank.
    4. Farmer, Roger E.A. & Khramov, Vadim & Nicolò, Giovanni, 2015. "Solving and estimating indeterminate DSGE models," Journal of Economic Dynamics and Control, Elsevier, vol. 54(C), pages 17-36.
    5. Bonchi, Jacopo & Nisticò, Salvatore, 2024. "Optimal monetary policy and rational asset bubbles," European Economic Review, Elsevier, vol. 170(C).
    6. Joshua Brault & Louis Phaneuf, 2021. "Higher Order Interest-Smoothing, Time-Varying Inflation Target and the Prospect of Indeterminacy," Working Papers 21-10, Chair in macroeconomics and forecasting, University of Quebec in Montreal's School of Management.
    7. Jean-Bernard Chatelain & Kirsten Ralf, 2020. "Hopf Bifurcation from new-Keynesian Taylor rule to Ramsey Optimal Policy," Papers 2002.07479, arXiv.org.
    8. Lorenzo Menna & Patrizio Tirelli, 2014. "Limited Asset Market Participation and the Optimal Fiscal and Monetary Policies," Working Papers 284, University of Milano-Bicocca, Department of Economics, revised Oct 2014.
    9. Alice Albonico & Alessia Paccagnini & Patrizio Tirelli, 2018. "Limited Asset Market Participation and the Euro Area Crisis. An Empirical DSGE Model," Working Papers 391, University of Milano-Bicocca, Department of Economics, revised Nov 2018.
    10. Gerke, Rafael & Giesen, Sebastian & Scheer, F. Alexander, 2020. "The power of forward guidance in a quantitative TANK model," Discussion Papers 03/2020, Deutsche Bundesbank.
    11. Giovanni Bartolomeo & Paolo D’Imperio, 2025. "A macroeconomic assessment of the Italian Recovery and Resilience Plan from administrative data," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 42(2), pages 501-547, July.
    12. Gerke, Rafael & Kienzler, Daniel & Scheer, Alexander, 2022. "On the macroeconomic effects of reinvestments in asset purchase programmes," Discussion Papers 47/2022, Deutsche Bundesbank.
    13. Dave, Chetan & Sorge, Marco M., 2021. "Equilibrium indeterminacy and sunspot tales," European Economic Review, Elsevier, vol. 140(C).
    14. Bilbiie, Florin, 2016. "Optimal Forward Guidance," CEPR Discussion Papers 11251, Centre for Economic Policy Research.
    15. Emanuele Franceschi, 2020. "Taylor Rules and liquidity in financial markets," PSE Working Papers halshs-02978550, HAL.
    16. Fabian Eser, 2009. "Monetary Policy in a Currency Union with Heterogeneous Limited Asset Markets Participation," Economics Series Working Papers 2009-W16, University of Oxford, Department of Economics.
    17. Ettmeier, Stephanie & Kriwoluzky, Alexander, 2024. "Active or passive? Revisiting the role of fiscal policy during high inflation," European Economic Review, Elsevier, vol. 170(C).
    18. Bilbiie, Florin O., 2008. "Limited asset markets participation, monetary policy and (inverted) aggregate demand logic," Journal of Economic Theory, Elsevier, vol. 140(1), pages 162-196, May.
    19. Alice Albonico & Guido Ascari & Qazi Haque, 2024. "The (Ir)Relevance of Rule‐of‐Thumb Consumers for U.S. Business Cycle Fluctuations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(4), pages 769-804, June.
    20. Canzoneri, Matthew & Cumby, Robert & Diba, Behzad & López-Salido, David, 2011. "The role of liquid government bonds in the great transformation of American monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 35(3), pages 282-294, March.
    21. Florin Bilbiie & Tommaso Monacelli & Roberto Perotti, 2012. "Public Debt and Redistribution with Borrowing Constraints," Working Papers 448, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    22. Florin Bilbiie & Roland Straub, 2012. "Changes in the Output Euler Equation and Asset Markets Participation," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00680647, HAL.
    23. Zervou, Anastasia S., 2013. "Financial market segmentation, stock market volatility and the role of monetary policy," European Economic Review, Elsevier, vol. 63(C), pages 256-272.
    24. Alice Albonico & Alessia Paccagnini & Patrizio Tirelli, 2014. "Estimating a DSGE model with Limited Asset Market Participation for the Euro Area," Working Papers 286, University of Milano-Bicocca, Department of Economics, revised Nov 2014.
    25. Giovanni Di Bartolomeo & Paolo D'Imperio, 2023. "A macroeconomic assessment of the Italian Recovery and Resilience Plan from administrative data," CIMEO Working Paper Series 169, Centre for Investigation and Modelling of Experimental Observations (CIMEO).
    26. Zeno Enders & Sophia Oberbrinkmann, 2026. "Implications of Inflation Forecast Targeting for Fiscal Policy," CESifo Working Paper Series 12991, CESifo.
    27. Bilbiie, Florin, 2017. "The New Keynesian Cross," CEPR Discussion Papers 11989, Centre for Economic Policy Research.
    28. Ida, Daisuke, 2024. "Household heterogeneity and the price puzzle in a new Keynesian model," Journal of Macroeconomics, Elsevier, vol. 79(C).
    29. Niels-Jakob H. Hansen & Alessandro Lin & Rui C. Mano, 2023. "Should inequality factor into central banks’ decisions?," Temi di discussione (Economic working papers) 1410, Bank of Italy, Economic Research and International Relations Area.
    30. Bilbiie, Florin, 2017. "The Puzzle, the Power, and the Dark Side: Forward Guidance Redux," CEPR Discussion Papers 12231, Centre for Economic Policy Research.
    31. Qazi Haque & Nicolas Groshenny & Mark Weder, 2018. "Do We Really Know that U.S. Monetary Policy was Destabilizing in the 1970s?," Adelaide Economics Working Papers 2018-03, Adelaide University, School of Economics.
    32. Joshua Brault & Hashmat Khan & Louis Phaneuf & Jean Gardy Victor, 2021. "US Postwar Macroeconomic Fluctuations Without Indeterminacy," Carleton Economic Papers 21-01, Carleton University, Department of Economics, revised 25 May 2021.
    33. Jordi Galí & J. David López-Salido & Javier Vallés, 2002. "Understanding the effects of government spending on consumption," Economics Working Papers 911, Department of Economics and Business, Universitat Pompeu Fabra, revised Aug 2005.
    34. Raffaele Rossi, 2007. "Rule of Thumb Consumers, Public Debt and Income Tax," Working Papers 2007_44, Business School - Economics, University of Glasgow, revised Dec 2007.
    35. Giovanni Di Bartolomeo & Lorenza Rossi & Massimiliano Tancioni, 2011. "Monetary policy, rule-of-thumb consumers and external habits: a G7 comparison," Applied Economics, Taylor & Francis Journals, vol. 43(21), pages 2721-2738.
    36. Huu Tuyen Tran, 2024. "Heterogeneous consumption behaviors and monetary policy in three ASEAN economies," International Economics and Economic Policy, Springer, vol. 21(4), pages 817-844, October.
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    Cited by:

    1. Masashige Hamano & Francesco Zanetti, 2020. "Monetary Policy, Firm Heterogeneity, and Product Variety," Working Papers 2005, Waseda University, Faculty of Political Science and Economics.
    2. Lise Patureau & Céline Poilly, 2018. "Reforms and the Real Exchange Rate: The Role of Pricing-to-Market," Working Papers halshs-01936854, HAL.
    3. Stefano Fasani & Haroon Mumtaz & Lorenza Rossi, 2023. "Monetary Policy and Firm Dynamics," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 47, pages 278-296, January.
    4. Weber, Henning, 2013. "Learning By Doing in New Firms and the Optimal Rate of Inflation," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79761, Verein für Socialpolitik / German Economic Association.
    5. Andrés, Javier & Burriel, Pablo, 2018. "Inflation and optimal monetary policy in a model with firm heterogeneity and Bertrand competition," European Economic Review, Elsevier, vol. 103(C), pages 18-38.
    6. Alexander Tarasov & Robertas Zubrickas, 2021. "Optimal Income Taxation under Monopolistic Competition," CESifo Working Paper Series 9309, CESifo.
    7. Andr√©s O. D√°vila-Ospina, 2023. "Hysteresis From Monetary Policy Mistakes: How Bad Could It Be?," Documentos CEDE 21003, Universidad de los Andes, Facultad de Economía, CEDE.
    8. Cheng‐wei Chang, 2023. "Optimal fiscal policy under monopolistic competition with firm heterogeneity," Scottish Journal of Political Economy, Scottish Economic Society, vol. 70(5), pages 423-438, November.
    9. Bilbiie, Florin, 2017. "Monetary Neutrality with Sticky Prices and Free Entry," CEPR Discussion Papers 12068, Centre for Economic Policy Research.
    10. Bilbiie, Florin & Ghironi, Fabio & Melitz, Marc J, 2016. "Monopoly Power and Endogenous Product Variety: Distortions and Remedies," CEPR Discussion Papers 11294, Centre for Economic Policy Research.
    11. Dudley Cooke & Tatiana Damjanovic, 2026. "Monetary Policy and Welfare with Heterogeneous Firms and Endogenous Entry," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 58(1), pages 79-109, February.
    12. Lewis, Vivien, 2012. "Optimal monetary policy and firm entry," IMFS Working Paper Series 50, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    13. Andrea Colciago & Riccardo Silvestrini, 2020. "Monetary policy, productivity, and market concentration," Working Papers 685, DNB.
    14. Antoine Lepetit, 2017. "The Optimal Inflation Rate with Discount Factor Heterogeneity," Working Papers hal-01527816, HAL.
    15. Lechthaler, Wolfgang & Mileva, Mariya, 2024. "Trade liberalization, wage inequality, and monetary policy," Journal of International Money and Finance, Elsevier, vol. 143(C).
    16. Masashige Hamano & Philip Schnattinger & Mototsugu Shintani & Iichiro Uesugi & Francesco Zanetti, 2025. "Credit Market Tightness and Zombie Firms: Theory and Evidence," Working Papers 2416, Waseda University, Faculty of Political Science and Economics.
    17. Aysun, Uluc, 2020. "Volatility costs of R&D," European Economic Review, Elsevier, vol. 122(C).
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    37. Masashige Hamano & Pierre M. Picard, 2017. "Extensive and intensive margins and exchange rate regimes," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 50(3), pages 804-837, August.
    38. Dudley Cooke & Tatiana Damjanovic, 2016. "Optimal Fiscal Policy in a Model of Firm Entry and Financial Frictions," CEMAP Working Papers 2016_02, Durham University Business School.
    39. Klaus Adam & Henning Weber, 2018. "Optimal Trend Inflation," CESifo Working Paper Series 7028, CESifo.
    40. Michelacci, Claudio & Paciello, Luigi & Pozzi, Andrea, 2019. "The Extensive Margin of Aggregate Consumption Demand," CEPR Discussion Papers 13687, Centre for Economic Policy Research.
    41. Schumacher, Malte D. & Żochowski, Dawid, 2017. "The risk premium channel and long-term growth," Working Paper Series 2114, European Central Bank.
    42. Adam, Klaus & Weber, Henning, 2026. "Monetary policy and supply-side turnover," Discussion Papers 04/2026, Deutsche Bundesbank.
    43. Koki Oikawa & Kozo Ueda, 2015. "Short- and long-run tradeoff monetary easing," CAMA Working Papers 2015-45, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    44. William L. Gamber, 2026. "Firm Dynamics, Inflation, and the Transmission of Monetary Policy," Finance and Economics Discussion Series 2026-003, Board of Governors of the Federal Reserve System (U.S.).
    45. Lewis, Vivien & Poilly, Céline, 2012. "Firm entry, markups and the monetary transmission mechanism," Journal of Monetary Economics, Elsevier, vol. 59(7), pages 670-685.
    46. Fujiwara, Ippei & Teranishi, Yuki, 2017. "Financial frictions and policy cooperation: A case with monopolistic banking and staggered loan contracts," Journal of International Economics, Elsevier, vol. 104(C), pages 19-43.
    47. Uluc Aysun & Zeynep Yom, 2019. "R&D, innovation spillover and business cycles," Villanova School of Business Department of Economics and Statistics Working Paper Series 43, Villanova School of Business Department of Economics and Statistics.
    48. Etro, Federico & Rossi, Lorenza, 2015. "Optimal monetary policy under Calvo pricing with Bertrand competition," Journal of Macroeconomics, Elsevier, vol. 45(C), pages 423-440.
    49. Fujiwara, Ippei & Matsuyama, Kiminori, 2026. "Competition and the Phillips curve," Journal of Monetary Economics, Elsevier, vol. 159(C).
    50. Adam, Klaus & Weber, Henning, 2020. "Estimating the Optimal Inflation Target from Trends in Relative Prices," CEPR Discussion Papers 14335, Centre for Economic Policy Research.
    51. Dennery, Charles, 2019. "Dampened expectations in the Phillips Curve: a note," MPRA Paper 98189, University Library of Munich, Germany.
    52. Annicchiarico, Barbara & Correani, Luca & Di Dio, Fabio, 2018. "Environmental policy and endogenous market structure," Resource and Energy Economics, Elsevier, vol. 52(C), pages 186-215.
    53. Bernardino Adão & André C. Silva, 2021. "Government financing, inflation, and the financial sector," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(4), pages 1357-1396, June.
    54. Fabio Ghironi, 2017. "Macro Needs Micro," NBER Working Papers 23836, National Bureau of Economic Research, Inc.
    55. Tomohide Mineyama & Wataru Hirata & Kenji Nishizaki, 2019. "Inflation and Social Welfare in a New Keynesian Model: The Case of Japan and the U.S," Bank of Japan Working Paper Series 19-E-10, Bank of Japan.
    56. Hartwig, Benny & Lieberknecht, Philipp, 2020. "Monetary policy, firm exit and productivity," Discussion Papers 61/2020, Deutsche Bundesbank.
    57. Klaus Adam & Henning Weber, 2019. "Price Trends Over the Product Life Cycle and the Optimal Inflation Target," CESifo Working Paper Series 7889, CESifo.
    58. Bilbiie, Florin O. & Fujiwara, Ippei & Ghironi, Fabio, 2014. "Optimal monetary policy with endogenous entry and product variety," Journal of Monetary Economics, Elsevier, vol. 64(C), pages 1-20.
    59. Cheng-wei Chang & Ching-chong Lai, 2021. "Optimal fiscal policies and market structures with monopolistic competition," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 28(6), pages 1385-1411, December.
    60. Winkler, Roland & Lewis, Vivien, 2014. "Product Diversity, Demand Structures and Optimal Taxation," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100590, Verein für Socialpolitik / German Economic Association.
    61. Matthew Read, 2020. "Monetary Policy and Firm Dynamics," Papers 2011.03514, arXiv.org.
    62. Sophie Guilloux-Nefussi, 2016. "Globalization, market structure and inflation dynamics," Globalization Institute Working Papers 289, Federal Reserve Bank of Dallas.
    63. Kurozumi, Takushi & Van Zandweghe, Willem, 2024. "Output-inflation trade-offs and the optimal inflation rate," Journal of Economic Dynamics and Control, Elsevier, vol. 164(C).
    64. Alberto G. Musalem, 2026. "Monetary Policy and Productivity: Promoting Growth vs. Stabilizing Prices," Speech 103613, Federal Reserve Bank of St. Louis.
    65. Albrizio, Silvia & González, Beatriz & Khametshin, Dmitry, 2026. "A tale of two margins: Monetary policy and capital misallocation," European Economic Review, Elsevier, vol. 185(C).
    66. Ippei Fujiwara & Yuki Teranishi, 2013. "Financial Stability in Open Economies," CAMA Working Papers 2013-71, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    67. Cecion, Martina & Coenen, Günter & Gerke, Rafael & Le Bihan, Hervé & Motto, Roberto & Aguilar, Pablo & Ajevskis, Viktors & Giesen, Sebastian & Albertazzi, Ugo & Gilbert, Niels & Al-Haschimi, Alexander, 2021. "The ECB’s price stability framework: past experience, and current and future challenges," Occasional Paper Series 269, European Central Bank.
    68. Lewis, Vivien & Stevens, Arnoud, 2012. "The competition effect in business cycles," IMFS Working Paper Series 51, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    69. Faia, Ester, 2012. "Oligopolistic competition and optimal monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 36(11), pages 1760-1774.
    70. Koki Oikawa & Kozo Ueda, 2015. "The Optimal Inflation Rate under Schumpeterian Growth," CAMA Working Papers 2015-14, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    71. Cacciatore, Matteo & Fiori, Giuseppe & Ghironi, Fabio, 2015. "The domestic and international effects of euro area market reforms," Research in Economics, Elsevier, vol. 69(4), pages 555-581.
    72. Beatriz González & Galo Nuño Barrau & Dominik Thaler & Silvia Albrizio, 2023. "Firm heterogeneity, capital misallocation and optimal monetary policy," BIS Working Papers 1148, Bank for International Settlements.
    73. Saroj Bhattarai & Konstantin Kucheryavyy, 2022. "Aggregate Properties of Open Economy Models with Expanding Varieties," CESifo Working Paper Series 9870, CESifo.
    74. Ippei FUJIWARA & Shunsuke HORI & Yuichiro WAKI, 2019. "Generational War on Inflation: Optimal Inflation Rates for the Young and the Old," Discussion papers 19021, Research Institute of Economy, Trade and Industry (RIETI).
    75. Santoro, Sergio & Viviano, Eliana, 2022. "Optimal trend inflation, misallocation and the pass-through of labour costs to prices," Working Paper Series 2761, European Central Bank.
    76. Bilbiie, F. O. & Melitz, M. J., 2023. "Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier," Cambridge Working Papers in Economics 2368, Faculty of Economics, University of Cambridge.
    77. Lorenza Rossi, 2018. "The Overshooting of Firms Destruction, Banks and Productivity Shocks," DEM Working Papers Series 147, University of Pavia, Department of Economics and Management.
    78. Uluc Aysun & Zeynep Yom, 2025. "Technology creation, business cycles and monetary transmission," Villanova School of Business Department of Economics and Statistics Working Paper Series 61, Villanova School of Business Department of Economics and Statistics.
    79. Uluc Aysun & Zeynep Yom, 2021. "R&D Characteristics, Innovation Spillover, and Technology-Driven Business Cycles," Journal of Industry, Competition and Trade, Springer, vol. 21(3), pages 339-365, September.
    80. Masashige Hamano & Pierre M. Picard, 2013. "Extensive and intensive margins and the choice of exchange rate regimes," DEM Discussion Paper Series 13-18, Department of Economics at the University of Luxembourg.
    81. Etro, Federico & Rossi, Lorenza, 2015. "New-Keynesian Phillips curve with Bertrand competition and endogenous entry," Journal of Economic Dynamics and Control, Elsevier, vol. 51(C), pages 318-340.
    82. Weber, Henning, 2015. "Innovation and the Optimal Rate of Inflation," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113087, Verein für Socialpolitik / German Economic Association.
    83. Federico Etro, 2014. "The Theory Of Endogenous Market Structures," Journal of Economic Surveys, Wiley Blackwell, vol. 28(5), pages 804-830, December.
    84. Antoine Lepetit, 2018. "Asymmetric Unemployment Fluctuations and Monetary Policy Trade-offs," Working Papers hal-01536416, HAL.
    85. Barbara Annicchiarico & Alessandra Pelloni, 2016. "Innovation, Growth and Optimal Monetary Policy," CEIS Research Paper 376, Tor Vergata University, CEIS, revised 01 Apr 2016.
    86. Alberto G. Musalem, 2026. "How Should the Promise of Higher Productivity Growth Change the Reality of Monetary Policy Today?," Speech 103319, Federal Reserve Bank of St. Louis.
    87. Uluc Aysun & Sewon Hur & Zeynep Yom, 2025. "Technology creation and monetary transmission," Working Papers 2025-02, University of Central Florida, Department of Economics.
    88. Anthony M. Diercks, 2015. "The Equity Premium, Long-Run Risk, & Optimal Monetary Policy," Finance and Economics Discussion Series 2015-87, Board of Governors of the Federal Reserve System (U.S.).

  28. Bilbiie, Florin, 2009. "Non-Separable Preferences and Frisch Labor Supply: One Solution to a Fiscal Policy Puzzle," CEPR Discussion Papers 7484, Centre for Economic Policy Research.

    Cited by:

    1. Tesfaselassie, Mewael F., 2011. "Trend growth and the dynamic effects of government spending," Kiel Working Papers 1678, Kiel Institute for the World Economy.
    2. Scholl, Almuth & Müller, Gernot & Enders, Zeno, 2010. "How do Fiscal and Technology Shocks affect Real Exchange Rates? New Evidence for the United States," CEPR Discussion Papers 7732, Centre for Economic Policy Research.
    3. Juessen, Falko & Linnemann, Ludger, 2012. "Markups and fiscal transmission in a panel of OECD countries," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 674-686.
    4. Luigi Marattin & Arsen Palestini, 2014. "Government spending under non-separability: a theoretical analysis," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 61(1), pages 39-60, April.
    5. Robert E. Hall, 2009. "By How Much Does GDP Rise if the Government Buys More Output?," NBER Working Papers 15496, National Bureau of Economic Research, Inc.
    6. Michael Woodford, 2011. "Simple Analytics of the Government Expenditure Multiplier," American Economic Journal: Macroeconomics, American Economic Association, vol. 3(1), pages 1-35, January.
    7. Saeidinezhad, Elham, 2014. "The International Spillover of Fiscal and Technology Shocks before the Crisis: The case of the UK and Italy," MPRA Paper 98556, University Library of Munich, Germany.
    8. L. Marattin & M. Marzo, 2010. "The Multiplier-Effects of Non-Wasteful Government Expenditure," Working Papers 704, Dipartimento Scienze Economiche, Universita' di Bologna.
    9. Hashmat Khan & Abeer Reza, 2013. "House Prices and Government Spending Shocks," Carleton Economic Papers 13-10, Carleton University, Department of Economics, revised 14 Sep 2016.
    10. Madalina-Gabriela ANGHEL & Constantin Anghelache & Tudor SAMSON & Radu STOICA, 2016. "Analysis of index prices of population consumption reveals a moderation through fiscal measures," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 64(12), pages 148-156, December.

  29. Bilbiie, Florin, 2009. "Delegating Optimal Monetary Policy Inertia," CEPR Discussion Papers 7482, Centre for Economic Policy Research.

    Cited by:

    1. Ida, Daisuke, 2020. "Sectoral inflation persistence and optimal monetary policy," Journal of Macroeconomics, Elsevier, vol. 65(C).
    2. Marine Charlotte André & Meixing Dai, 2026. "How Can Inflation Contracts Discipline Central Bankers When Agents Are Learning?," Bulletin of Economic Research, Wiley Blackwell, vol. 78(1), pages 3-26, January.
    3. Kohei Hasui, 2021. "How robustness can change the desirability of speed limit policy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 68(5), pages 553-570, November.
    4. Ida, Daisuke, 2023. "Liquidity-constrained consumers and optimal monetary policy in a currency union," Journal of International Money and Finance, Elsevier, vol. 131(C).
    5. Martin Bodenstein & Junzhu Zhao, 2019. "On Targeting Frameworks And Optimal Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(8), pages 2077-2113, December.
    6. Kohei Hasui & Teruyoshi Kobayashi & Tomohiro Sugo, 2021. "Optimal irreversible monetary policy," Discussion Papers 2109, Graduate School of Economics, Kobe University.
    7. Ida, Daisuke & Okano, Mitsuhiro, 2023. "Optimal monetary policy delegation in a small-open new Keynesian model with robust control," Economic Modelling, Elsevier, vol. 120(C).
    8. Taisuke Nakata & Sebastian Schmidt & Paul Yoo, 2018. "Speed Limit Policy and Liquidity Traps," Finance and Economics Discussion Series 2018-050, Board of Governors of the Federal Reserve System (U.S.).
    9. Kohei Hasui & Teruyoshi Kobayashi & Tomohiro Sugo, 2019. "Irreversible monetary policy at the zero lower bound," Discussion Papers 1906, Graduate School of Economics, Kobe University.
    10. Marest, Luc & Thurston, Thom, 2018. "Measuring the value of central bank commitment in the benchmark New Keynesian model," Journal of Macroeconomics, Elsevier, vol. 58(C), pages 249-265.
    11. Florin O. Bilbiie, 2019. "Optimal Forward Guidance," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(4), pages 310-345, October.
    12. Taisuke Nakata & Sebastian Schmidt, 2019. "Gradualism and Liquidity Traps," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 31, pages 182-199, January.

  30. Florin Bilbiie, 2009. "Nonseparable Preferences, Fiscal Policy Puzzles, and Inferior Goods," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00622869, HAL.

    Cited by:

    1. Bilbiie, Florin, 2018. "Complementarity, Income, and Substitution: A U(C,N) Utility for Macro," CEPR Discussion Papers 12812, Centre for Economic Policy Research.
    2. Roberto Perotti, 2008. "In Search of the Transmission Mechanism of Fiscal Policy," NBER Chapters, in: NBER Macroeconomics Annual 2007, Volume 22, pages 169-226, National Bureau of Economic Research, Inc.
    3. Patrick F?ve & Julien Matheron & Jean-Guillaume Sahuc, 2013. "A Pitfall with Estimated DSGE-Based Government Spending Multipliers," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(4), pages 141-178, October.
    4. Stefano Grassi & Marco Lorusso & Francesco Ravazzolo, 2021. "Adaptive Importance Sampling for DSGE Models," BEMPS - Bozen Economics & Management Paper Series BEMPS84, Faculty of Economics and Management at the Free University of Bozen.
    5. Stefano Eusepi & Bruce Preston, 2009. "Labor Supply Heterogeneity and Macroeconomic Co-movement," NBER Working Papers 15561, National Bureau of Economic Research, Inc.
    6. Stylianos Asimakopoulos & Marco Lorusso & Luca Pieroni, 2021. "Can public spending boost private consumption?," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 54(3), pages 1275-1313, November.
    7. Quaghebeur, Ewoud, 2019. "Learning And The Size Of The Government Spending Multiplier," Macroeconomic Dynamics, Cambridge University Press, vol. 23(8), pages 3189-3224, December.
    8. Philipp Wegmueller, 2014. "Utility functions, fiscal shocks and the open economy - In the search of a positive consumption multiplier," Diskussionsschriften dp1407, Universitaet Bern, Departement Volkswirtschaft.
    9. Eric M. Leeper & Nora Traum & Todd B. Walker, 2015. "Clearing Up the Fiscal Multiplier Morass," CAEPR Working Papers 2015-013, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    10. Zubairy, Sarah, 2010. "Explaining the Effects of Government Spending Shocks," MPRA Paper 26051, University Library of Munich, Germany.
    11. Gnocchi, Stefano & Hauser, Daniela & Pappa, Evi, 2016. "Housework and fiscal expansions," Journal of Monetary Economics, Elsevier, vol. 79(C), pages 94-108.
    12. Anna Kormilitsina & Sarah Zubairy, 2016. "Propagation Mechanisms for Government Spending Shocks: A Bayesian Comparison," Departmental Working Papers 1608, Southern Methodist University, Department of Economics.
    13. Iwata, Yasuharu, 2013. "Two fiscal policy puzzles revisited: New evidence and an explanation," Journal of International Money and Finance, Elsevier, vol. 33(C), pages 188-207.
    14. Gregory E. Givens, 2022. "Unemployment, Partial Insurance, And The Multiplier Effects Of Government Spending," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(2), pages 571-599, May.
    15. Leith, Campbell & Moldovan, Ioana & Rossi, Raffaele, 2015. "Monetary and fiscal policy under deep habits," Journal of Economic Dynamics and Control, Elsevier, vol. 52(C), pages 55-74.
    16. Giorgio Massari & Luca Portoghese & Patrizio Tirelli, 2024. "Whither Liquidity Shocks? Implications for R∗ and Monetary Policy," DEM Working Papers Series 217, University of Pavia, Department of Economics and Management.
    17. Eric M. Leeper & Nora Traum & Todd B. Walker, 2015. "Clearing Up the Fiscal Multiplier Morass: Prior and Posterior Analysis," NBER Working Papers 21433, National Bureau of Economic Research, Inc.
    18. Munechika Katayama & Kwang Hwan Kim, 2010. "Costly Labor Reallocation, Non-Separable Preferences, and Expectation Driven Business Cycles," Departmental Working Papers 2010-05, Department of Economics, Louisiana State University.
    19. Stefano Eusepi & Bruce Preston, 2011. "Expectations, Learning, and Business Cycle Fluctuations," American Economic Review, American Economic Association, vol. 101(6), pages 2844-2872, October.
    20. Ida, Daisuke & Okano, Mitsuhiro, 2023. "Does nominal wage stickiness affect fiscal multiplier in a two-agent new Keynesian model?," MPRA Paper 117241, University Library of Munich, Germany.
    21. Miyamoto, Wataru & Nguyen, Thuy Lan, 2019. "International Linkages and the Changing Nature of International Business Cycles," CEI Working Paper Series 2018-16, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    22. d’Alessandro, Antonello & Fella, Giulio & Melosi, Leonardo, 2018. "Fiscal stimulus with learning-by-doing," LSE Research Online Documents on Economics 90376, London School of Economics and Political Science, LSE Library.
    23. Elliot Aurissergues, 2016. "Demand shocks, new keynesian model and supply effects of monetary policy," Working Papers halshs-01288980, HAL.
    24. Adrien Auclert & Bence Bardóczy & Matthew Rognlie, 2020. "MPCs, MPEs and Multipliers: A Trilemma for New Keynesian Models," NBER Working Papers 27486, National Bureau of Economic Research, Inc.
    25. Elliot Aurissergues, 2017. "Monetary Policy Puzzle and wealth targeting consumers," Working Papers halshs-01625347, HAL.
    26. Eusepi, Stefano & Preston, Bruce, 2015. "Consumption heterogeneity, employment dynamics and macroeconomic co-movement," Journal of Monetary Economics, Elsevier, vol. 71(C), pages 13-32.
    27. Tommaso Monacelli & Roberto Perotti, 2008. "Fiscal Policy, Wealth Effects, and Markups," NBER Working Papers 14584, National Bureau of Economic Research, Inc.
    28. Hebous, Shafik, 2009. "The Effects of Discretionary Fiscal Policy on Macroeconomic Aggregates: A Reappraisal," MPRA Paper 23300, University Library of Munich, Germany, revised Jun 2010.
    29. Francesco FURLANETTO, 2007. "Fiscal Shocks and the Consumption Response when Wages are Sticky," Cahiers de Recherches Economiques du Département d'économie 07.11, Université de Lausanne, Faculté des HEC, Département d’économie.
    30. Munechika Katayama & Kwang Hwan Kim, 2015. "Inter-sectoral Labor Immobility, Sectoral Co-movement, and News Shocks," Discussion papers e-15-011, Graduate School of Economics , Kyoto University.
    31. Masataka Eguchi & Yuhki Hosoya & Mai Yamada, 2023. "The Consumption Multiplier of Government Spending: The Role of Substitutability between Government Spending and Leisure," ISER Discussion Paper 1211, Institute of Social and Economic Research, The University of Osaka.
    32. Donggyu Lee, 2024. "Unconventional Monetary Policies and Inequality," Staff Reports 1108, Federal Reserve Bank of New York.
    33. Miyamoto, Wataru & Nguyen, Thuy Lan, 2024. "International input–output linkages and changing business cycle volatility," Journal of International Economics, Elsevier, vol. 147(C).
    34. Robert E. Hall, 2009. "By How Much Does GDP Rise If the Government Buys More Output?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 40(2 (Fall)), pages 183-249.
    35. Andrea Colciago, 2006. "Sticky wages and rule of thumb consumers," Working Papers 98, University of Milano-Bicocca, Department of Economics, revised Sep 2006.
    36. Furlanetto, Francesco & Seneca, Martin, 2014. "Investment shocks and consumption," European Economic Review, Elsevier, vol. 66(C), pages 111-126.
    37. Cheng-Wei Chang & Ching-Chong Lai & Juin-Jen Chang, 2018. "Fiscal Stimulus and Endogenous Firm Entry in a Monopolistic Competition Macroeconomic Model," The Japanese Economic Review, Springer, vol. 69(2), pages 207-225, June.
    38. Gregory E. Givens & Tavoy D. Reid, 2026. "Strengthening the micro origins of macro multipliers via partial insurance and increasing returns," Economic Inquiry, Western Economic Association International, vol. 64(2), pages 724-747, April.
    39. Florin O. Bilbiie, 2011. "Nonseparable Preferences, Frisch Labor Supply, and the Consumption Multiplier of Government Spending: One Solution to a Fiscal Policy Puzzle," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(1), pages 221-251, February.
    40. Fève, Patrick & Sahuc, Jean-Guillaume, 2013. "On the Size of the Government Spending Multiplier in the Euro Area," TSE Working Papers 13-396, Toulouse School of Economics (TSE), revised Nov 2013.
    41. Celso José Costa-Junior & Sérgio R. de Brito Gadelha & Alejandro C. Garcia-Cintado, 2026. "Fiscal Policy in an SNA-Compliant DSGE Model for Emerging Markets," Open Economies Review, Springer, vol. 37(3), pages 901-960, July.
    42. Babette Jansen & Roland Winkler, 2024. "Household Heterogeneity, Nonseparable Preferences, and the Taylor Principle," Jena Economics Research Papers 2024-006, Friedrich-Schiller-University Jena.
    43. Fève, Patrick & Matheron, Julien & Sahuc, Jean-Guillaume, 2012. "A Pitfall with DSGE-Based, Estimated, Government Spending Multipliers," IDEI Working Papers 708, Institut d'Économie Industrielle (IDEI), Toulouse.
    44. Claudio Bonilla & Marcos Vergara, 2022. "New results on precautionary saving and nonlinear risks," Journal of Economics, Springer, vol. 136(2), pages 177-189, July.
    45. Davig, Troy & Leeper, Eric M., 2011. "Monetary-fiscal policy interactions and fiscal stimulus," European Economic Review, Elsevier, vol. 55(2), pages 211-227, February.
    46. Takao Fujii & Kazuki Hiraga & Masafumi Kozuka, 2012. "Analyses of Public Investment Shock in Japan: Factor Augmented Vector Autoregressive Approach," Keio/Kyoto Joint Global COE Discussion Paper Series 2012-006, Keio/Kyoto Joint Global COE Program.

  31. Florin Bilbiie, 2008. "Limited Asset Market Participation, Monetary Policy and (Inverted) Aggregate Demand Logic," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00622865, HAL.

    Cited by:

    1. Francesco Morelli, 2025. "New Keynesian Models, Puzzles and Omitted Effects," CEIS Research Paper 604, Tor Vergata University, CEIS, revised 20 Jun 2025.
    2. Cantore, Cristiano & Leonardi, Edoardo, 2025. "Monetary-fiscal interaction and the liquidity of government debt," LSE Research Online Documents on Economics 127221, London School of Economics and Political Science, LSE Library.
    3. Rong Li & Dongzhou Mei & Bing Tong, 2024. "Gradual Portfolio Adjustment, Foreign Exchange Intervention, and Open Market Operations," CFDS Discussion Paper Series 2024/6, Center for Financial Development and Stability at Henan University, Kaifeng, Henan, China.
    4. George, Ammu & Xie, Taojun & Alba, Joseph D., 2026. "Central bank digital currencies and the macroeconomic trilemma," Journal of Banking & Finance, Elsevier, vol. 188(C).
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    122. Matteo Cacciatore & Romain Duval & Giuseppe Fiori & Fabio Ghironi, 2021. "Market Reforms at the Zero Lower Bound," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(4), pages 745-777, June.
    123. Dudley Cooke, 2010. "Monetary Policy and Trade Globalization," Working Papers 042010, Hong Kong Institute for Monetary Research.
    124. Lenno UUSKÜLA, 2008. "Limited Participation or Sticky Prices? New Evidence from Firm Entry and Failures," EcoMod2008 23800147, EcoMod.
    125. Weber, Henning, 2015. "Innovation and the Optimal Rate of Inflation," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113087, Verein für Socialpolitik / German Economic Association.
    126. Bianca Barbaro & Giorgio Massari & Patrizio Tirelli, 2022. "Who killed business dynamism in the U.S.?," Working Papers 494, University of Milano-Bicocca, Department of Economics, revised Aug 2022.
    127. Sven Blank, 2009. "Research Note on "International Consumption Risk Sharing and Monetary Policy"," Working Paper / FINESS 4.3, DIW Berlin, German Institute for Economic Research.
    128. Afrin, Sadia, 2020. "Does oligopolistic banking friction amplify small open economy's business cycles? Evidence from Australia," Economic Modelling, Elsevier, vol. 85(C), pages 119-138.
    129. Etro, Federico, 2017. "Research in economics and macroeconomics," Research in Economics, Elsevier, vol. 71(3), pages 373-383.
    130. Albert Queraltó, 2022. "Monetary Policy in a Model of Growth," International Finance Discussion Papers 1340, Board of Governors of the Federal Reserve System (U.S.).
    131. Jean-Christophe Poutineau & Aurélien Eyquem & Stéphane Auray, 2010. "Politique monétaire optimale et effet de variété en économie ouverte," Économie et Prévision, Programme National Persée, vol. 193(2), pages 43-58.
    132. Wang, Ren & Hou, Jie & He, Xiaobei & Song, Hui, 2017. "Borrowing constraint, heterogeneous production sectors and policy implications: The case of China," International Review of Economics & Finance, Elsevier, vol. 49(C), pages 568-581.
    133. Adam, Klaus & Weber, Henning, 2024. "The optimal inflation target: Bridging the gap between theory and policy," Discussion Papers 44/2024, Deutsche Bundesbank.
    134. Benny Hartwig & Philipp Lieberknecht, 2025. "Monetary Policy, Firms’ Extensive Margin, and Productivity," International Journal of Central Banking, International Journal of Central Banking, vol. 21(1), pages 1-81, January.
    135. Cooke, Dudley, 2014. "Monetary shocks, exchange rates, and the extensive margin of exports," Journal of International Money and Finance, Elsevier, vol. 41(C), pages 128-145.
    136. Marta Arespa, 2013. "The intensive and the extensive margins: not only an international issue," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 12(1), pages 1-34, April.
    137. Givens, Gregory & Tavoy, Reid, 2024. "Entry, unemployment, and the transmission of government spending shocks," MPRA Paper 121894, University Library of Munich, Germany.
    138. José Antonio Rodríguez-López, 2011. "Prices and Exchange Rates: A Theory of Disconnect," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 78(3), pages 1135-1177.
    139. Antonella Tutino & Anton Cheremukhin, 2012. "Asymmetric Firm Dynamics under Rational Inattention," 2012 Meeting Papers 161, Society for Economic Dynamics.
    140. Cavallari, Lilia, 2015. "Entry costs and the dynamics of business formation," Journal of Macroeconomics, Elsevier, vol. 44(C), pages 312-326.
    141. Casares, Miguel & Khan, Hashmat & Poutineau, Jean-Christophe, 2020. "The extensive margin and US aggregate fluctuations: A quantitative assessment," Journal of Economic Dynamics and Control, Elsevier, vol. 120(C).
    142. Anthony M. Diercks, 2015. "The Equity Premium, Long-Run Risk, & Optimal Monetary Policy," Finance and Economics Discussion Series 2015-87, Board of Governors of the Federal Reserve System (U.S.).
    143. Dohwa, Kohjiro, 2018. "The role of local currency pricing in international transmission effects of corporate tax reduction in an economy with vertical production linkage and foreign direct investment," MPRA Paper 86394, University Library of Munich, Germany.
    144. Sven Blank, 2009. "International Consumption Risk Sharing and Monetary Policy," Working Paper / FINESS 4.4, DIW Berlin, German Institute for Economic Research.

  33. Florin Bilbiie & F. Ghironi & M. Melitz, 2008. "Monopolistic competition and product Variety in Dynamic Stochastic General Equilibrium: Distortions and Remedies," Working Papers hal-00515662, HAL.

    Cited by:

    1. V. Lewis, 2010. "Product Diversity, Strategic Interactions and Optimal Taxation," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 10/661, Ghent University, Faculty of Economics and Business Administration.

  34. Marc Melitz & Ghironi, Fabio & Florin Bilbiie, 2006. "Monopoly Power and Endogenous Variety in Dynamic Stochastic General Equilibrium: Distortions and Remedies," Working Paper 14401, Harvard University OpenScholar.

    Cited by:

    1. Argia M. Sbordone, 2007. "Globalization and Inflation Dynamics: the Impact of Increased Competition," NBER Working Papers 13556, National Bureau of Economic Research, Inc.
    2. Swati Dhingra & John Morrow, 2012. "The Impact of Integration on Productivity and Welfare Distortions Under Monopolistic Competition," CEP Discussion Papers dp1130, Centre for Economic Performance, LSE.
    3. Demidova, Svetlana & Rodríguez-Clare, Andrés, 2009. "Trade policy under firm-level heterogeneity in a small economy," Journal of International Economics, Elsevier, vol. 78(1), pages 100-112, June.
    4. Florin O. Bilbiie & Fabio Ghironi & Marc J. Melitz, 2007. "Monetary Policy and Business Cycles with Endogenous Entry and Product Variety," NBER Working Papers 13199, National Bureau of Economic Research, Inc.
    5. Kazuyoshi Ohki, 2016. "Welfare analysis and policy implications in Melitz-type model where markup differs across industries," ISER Discussion Paper 0984, Institute of Social and Economic Research, The University of Osaka.
    6. Paolo Epifani & Gino Gancia, 2007. "Trade, markup heterogeneity and misallocations," Economics Working Papers 1037, Department of Economics and Business, Universitat Pompeu Fabra.
    7. Jaimovich, Nir & Floetotto, Max, 2008. "Firm dynamics, markup variations, and the business cycle," Journal of Monetary Economics, Elsevier, vol. 55(7), pages 1238-1252, October.
    8. Paul Scanlon, 2008. "New Goods and Asset Prices," 2008 Meeting Papers 927, Society for Economic Dynamics.
    9. Dhingra, Swati & Morrow, John, 2012. "The impact of integration on productivity and welfare distortions under monopolistic competition," LSE Research Online Documents on Economics 121764, London School of Economics and Political Science, LSE Library.
    10. Ippei Fujiwara & Naohisa Hirakata, 2007. "Dynamic Aspects of Productivity Spillovers, Terms of Trade and The "Home Market Effects"," IMES Discussion Paper Series 07-E-07, Institute for Monetary and Economic Studies, Bank of Japan.
    11. Gutiérrez, Germán & Jones, Callum & Philippon, Thomas, 2021. "Entry costs and aggregate dynamics," Journal of Monetary Economics, Elsevier, vol. 124(S), pages 77-91.
    12. Morrow, John & Dhingra, Swati, 2019. "Monopolistic competition and optimum product diversity under firm heterogeneity," LSE Research Online Documents on Economics 59226, London School of Economics and Political Science, LSE Library.

  35. Bilbiie, Florin O. & Meier, André & Müller, Gernot J., 2006. "What accounts for the changes in U.S. fiscal policy transmission?," Working Paper Series 582, European Central Bank.

    Cited by:

    1. Robalo Marques, Carlos & Dias, Daniel & Santos Silva, João M. C., 2006. "Measuring the importance of the uniform nonsynchronization hypothesis," Working Paper Series 606, European Central Bank.
    2. Bilbiie, Florin, 2018. "Complementarity, Income, and Substitution: A U(C,N) Utility for Macro," CEPR Discussion Papers 12812, Centre for Economic Policy Research.
    3. Sebastian Gechert & Rafael Mentges, 2013. "What Drives Fiscal Multipliers? The Role of Private Wealth and Debt," IMK Working Paper 124-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    4. Shafik Hebous, 2011. "The Effects Of Discretionary Fiscal Policy On Macroeconomic Aggregates: A Reappraisal," Journal of Economic Surveys, Wiley Blackwell, vol. 25(4), pages 674-707, September.
    5. Giancarlo Corsetti & Michael P. Devereux & Luigi Guiso & John Hassler & Gilles Saint-Paul & Hans-Werner Sinn & Jan-Egbert Sturm & Xavier Vives, 2010. "Chapter 3: From Fiscal Rescue to Global Debt," EEAG Report on the European Economy, CESifo, vol. 0, pages 71-100, February.
    6. Roc�o Betancourt & Hernando Vargas & Norberto Rodr�guez Ni�o, 2006. "Interest Rate Pass-Through In Colombia: A Micro- Banking Perspective," Borradores de Economia 2909, Banco de la Republica.
    7. Cristiano Cantore & Lukas Freund, 2020. "Workers, capitalists, and the government: fiscal policy and income (re)distribution," Bank of England Staff Working Paper series 858, Bank of England.
    8. Søren Ravn & Morten Spange, 2014. "The Effects of Fiscal Policy in a Small Open Economy with a Fixed Exchange Rate," Open Economies Review, Springer, vol. 25(3), pages 451-476, July.
    9. Stefano Grassi & Marco Lorusso & Francesco Ravazzolo, 2021. "Adaptive Importance Sampling for DSGE Models," BEMPS - Bozen Economics & Management Paper Series BEMPS84, Faculty of Economics and Management at the Free University of Bozen.
    10. Olaf Posch, 2009. "Explaining Output Volatility: The Case of Taxation," CESifo Working Paper Series 2751, CESifo.
    11. Bilbiie, Florin & Straub, Roland, 2011. "Asset Market Participation, Monetary Policy Rules and the Great Inflation," CEPR Discussion Papers 8555, Centre for Economic Policy Research.
    12. Emilia Mioara CAMPEANU, 2012. "How can be investigated the fiscal policy effects on the Romanian economy?," Anale. Seria Stiinte Economice. Timisoara, Faculty of Economic Sciences, Tibiscus University of Timisoara, vol. 0, pages 80-87, May.
    13. Deleidi, Matteo & Iafrate, Francesca & Levrero, Enrico Sergio, 2020. "Public investment fiscal multipliers: An empirical assessment for European countries," Structural Change and Economic Dynamics, Elsevier, vol. 52(C), pages 354-365.
    14. Eyno Rots & Barnabas Szekely, 2021. "A Model-Based Comparison of Macroprudential Tools," MNB Working Papers 2021/3, Magyar Nemzeti Bank (Central Bank of Hungary).
    15. Stylianos Asimakopoulos & Marco Lorusso & Luca Pieroni, 2021. "Can public spending boost private consumption?," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 54(3), pages 1275-1313, November.
    16. Cimadomo, Jacopo & Bénassy-Quéré, Agnès, 2012. "Changing patterns of fiscal policy multipliers in Germany, the UK and the US," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 845-873.
    17. Matteo Deleidi & Davide Romaniello & Francesca Tosi, 2021. "Quantifying fiscal multipliers in Italy: A Panel SVAR analysis using regional data," Papers in Regional Science, Wiley Blackwell, vol. 100(5), pages 1158-1177, October.
    18. Breitenlechner, Max & Geiger, Martin & Klein, Mathias, 2026. "The Fiscal Channel of Monetary Policy," Working Paper Series 469, Sveriges Riksbank (Central Bank of Sweden).
    19. Sebastian Gechert & Ansgar Rannenberg, 2014. "Are Fiscal Multipliers Regime-Dependent? A Meta Regression Analysis," IMK Working Paper 139-2014, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    20. Klein, Mathias & Linnemann, Ludger, 2019. "Tax and spending shocks in the open economy: Are the deficits twins?," European Economic Review, Elsevier, vol. 120(C).
    21. Vitor Carvalho & Manuel M. F. Martins, 2011. "Investment and output effects of fiscal consolidations in a new-Keynesian DSGE model for the Euro Area: composition matters?," EcoMod2011 3246, EcoMod.
    22. Larsen, Rasmus Bisgaard & Ravn, Søren Hove & Santoro, Emiliano, 2025. "House prices, endogenous productivity, and the effects of government spending shocks," European Economic Review, Elsevier, vol. 172(C).
    23. Mumtaz, Haroon & Theodoridis, Konstantinos, 2020. "Fiscal policy shocks and stock prices in the United States," European Economic Review, Elsevier, vol. 129(C).
    24. Joseph Kopecky, 2021. "The Age for Austerity? Population Age Structure and Fiscal Multipliers," Trinity Economics Papers tep1621, Trinity College Dublin, Department of Economics.
    25. Motta, Giorgio & Tirelli, Patrizio, 2015. "Money Targeting, Heterogeneous Agents, And Dynamic Instability," Macroeconomic Dynamics, Cambridge University Press, vol. 19(2), pages 288-310, March.
    26. Collingro, Franziska & Frenkel, Michael, 2022. "Fiscal multipliers in the euro area: A comparative study⋆," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 386-397.
    27. Mathias Klein & Ludger Linnemann, 2019. "Tax and Spending Shocks in the Open Economy: Are the Deficits Twins?," Discussion Papers of DIW Berlin 1821, DIW Berlin, German Institute for Economic Research.
    28. António Afonso & Peter Claeys, 2006. "The dynamic behaviour of budget components and output – the cases of France, Germany, Portugal, and Spain," Working Papers Department of Economics 2006/26, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    29. Hyeongwoo Kim & Shuwei Zhang, 2018. "Understanding Why Fiscal Stimulus Can Fail through the Lens of the Survey of Professional Forecasters," Auburn Economics Working Paper Series auwp2018-04, Department of Economics, Auburn University.
    30. Ricardo Nunes, 2010. "Inflation Dynamics: The Role of Expectations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(6), pages 1161-1172, September.
    31. Gernot Müller & Mr. Andre Meier & Giancarlo Corsetti, 2012. "What Determines Government Spending Multipliers?," IMF Working Papers 2012/150, International Monetary Fund.
    32. Alice Albonico & Guido Ascari & Qazi Haque, 2024. "The (Ir)Relevance of Rule‐of‐Thumb Consumers for U.S. Business Cycle Fluctuations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(4), pages 769-804, June.
    33. Fritsche, Jan Philipp & Klein, Mathias & Rieth, Malte, 2021. "Government spending multipliers in (un)certain times," Journal of Public Economics, Elsevier, vol. 203(C).
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    35. Zervou, Anastasia S., 2013. "Financial market segmentation, stock market volatility and the role of monetary policy," European Economic Review, Elsevier, vol. 63(C), pages 256-272.
    36. Rebei Nooman, 2021. "Evaluating Changes in the Transmission Mechanism of Government Spending Shocks," The B.E. Journal of Macroeconomics, De Gruyter, vol. 21(1), pages 253-280, January.
    37. Klein, Mathias & Polattimur, Hamza & Winkler, Roland, 2022. "Fiscal spending multipliers over the household leverage cycle," European Economic Review, Elsevier, vol. 141(C).
    38. Max Breitenlechner & Martin Geiger & Mathias Klein, 2024. "The Fiscal Channel of Monetary Policy," Working Papers 2024-07, Faculty of Economics and Statistics, Universität Innsbruck.
    39. Vanessa Kunzmann, 2023. "Estimating Regime Dependent Fiscal Spillover Effects in a Monetary Union," Working Papers 227, Bavarian Graduate Program in Economics (BGPE).
    40. Henrique S. Basso & Omar Rachedi, 2018. "The young, the old, and the government: demographics and fiscal multipliers," Working Papers 1837, Banco de España.
    41. Perotti, Roberto & Monacelli, Tommaso & Bilbiie, Florin, 2012. "Public Debt and Redistribution with Borrowing Constraints," CEPR Discussion Papers 9088, Centre for Economic Policy Research.
    42. Giorgio Motta & Patrizio Tirelli, 2012. "Optimal Simple Monetary and Fiscal Rules under Limited Asset Market Participation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(7), pages 1351-1374, October.
    43. Markus Kirchner & Jacopo Cimadomo & Sebastian Hauptmeier, 2010. "Transmission of Government Spending Shocks in the Euro Area: Time Variation and Driving Forces," Tinbergen Institute Discussion Papers 10-021/2, Tinbergen Institute.
    44. Marco Lorusso & Luca Pieroni, 2019. "Disentangling Civilian and Military Spending Shocks: A Bayesian DSGE Approach for the US Economy," JRFM, MDPI, vol. 12(3), pages 1-41, September.
    45. Philip Arestis & John McCombie, 2009. "On The Effectiveness Of Fiscal Policy As An Instrument Of Macroeconomic Policy," Economic Affairs, Wiley Blackwell, vol. 29(1), pages 77-79, March.
    46. Bilbiie, Florin O., 2020. "The New Keynesian cross," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 90-108.
    47. Felix Kimtai Kiminyei, 2019. "Empirical Investigation on the Relationship among Kenyan Public Debt, Tax Revenue and Government Expenditure," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 5(1), pages 142-159, March.
    48. Matthieu Bordenave & Giovanna Ciaffi, 2025. "Measuring Green Fiscal Multipliers: Heterogeneity in European Countries," FMM Working Paper 121-2025, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    49. Qazi Haque & Nicolas Groshenny & Mark Weder, 2020. "Do We Really Know that U.S. Monetary Policy was Destabilizing in the 1970s?," Economics Working Papers 2020-10, Department of Economics and Business Economics, Aarhus University.
    50. IIBOSHI, Hirokuni & IWATA, Yasuharu, 2023. "The Nexus between Public Debt and the Government Spending Multiplier: Fiscal Adjustments Matter," MPRA Paper 116310, University Library of Munich, Germany.
    51. Fernández Romero, Daniel, 2025. "The fiscal multiplier in presence of unconventional monetary policy: Evidence for 17 OECD countries," Economic Modelling, Elsevier, vol. 147(C).
    52. Markus Leibrecht & Johann Scharler, 2012. "Government Size and Business Cycle Volatility; How Important Are Credit Constraints?," Working Paper Series in Economics 237, University of Lüneburg, Institute of Economics.
    53. Guo, Fei & Kit-Ming Yan, Isabel & Chen, Tao & Hu, Chun-Tien, 2023. "Fiscal multipliers, monetary efficacy, and hand-to-mouth households," Journal of International Money and Finance, Elsevier, vol. 130(C).
    54. Born, Benjamin & Juessen, Falko & Müller, Gernot J., 2013. "Exchange rate regimes and fiscal multipliers," Journal of Economic Dynamics and Control, Elsevier, vol. 37(2), pages 446-465.
    55. Luca, Pieroni & Lorusso, Marco, 2015. "Are all the fiscal policy shocks identical? Analysing the effects on private consumption of civilian and military spending shocks," MPRA Paper 69084, University Library of Munich, Germany.
    56. Matthew B. Canzoneri, 2007. "Coordination Of Monetary And Fiscal Policy In A Monetary Union: Policy Issues And Analytical Models," Manchester School, University of Manchester, vol. 75(s1), pages 21-43, September.
    57. Huang, Kevin X.D. & Liu, Fengqi & Meng, Qinglai & Xue, Jianpo, 2022. "Keeping up with the Joneses and the consumption response to government spending," Economics Letters, Elsevier, vol. 220(C).
    58. Richard McManus, 2013. "Austerity versus Stimulus: A DSGE Political Economy Explanation," Discussion Papers 13/09, Department of Economics, University of York.
    59. Claudia M. Buch & Christian Pierdzioch, 2009. "Low Skill but High Volatility?," CESifo Working Paper Series 2665, CESifo.
    60. Florin O. Bilbiie & André Meier & Gernot J. Müller, 2008. "What Accounts for the Changes in U.S. Fiscal Policy Transmission?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(7), pages 1439-1470, October.
    61. Julio López Gallardo & Luis Antonio Reyes Ortiz, 2014. "Effective Demand in the Recent Evolution of the US Economy [Demande Effective dans l'évolution récente de l'économie des Etats-Unis]," Post-Print halshs-01907268, HAL.
    62. Corsetti, Giancarlo & Müller, Gernot & Kuester, Keith, 2011. "Floats, pegs and the transmission of fiscal policy," CEPR Discussion Papers 8180, Centre for Economic Policy Research.
    63. Deleidi, Matteo & Mazzucato, Mariana, 2021. "Directed innovation policies and the supermultiplier: An empirical assessment of mission-oriented policies in the US economy," Research Policy, Elsevier, vol. 50(2).
    64. Bilbiie, Florin, 2017. "The Puzzle, the Power, and the Dark Side: Forward Guidance Redux," CEPR Discussion Papers 12231, Centre for Economic Policy Research.
    65. Óscar Reinaldo Becerra & Luis Fernando Melo Velandia., 2009. "Transmisión de Tasas de Interés bajo el Esquema de Metas de Inflación: Evidencia para Colombia," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 46(133), pages 107-134.
    66. IIBOSHI, Hirokuni & IWATA, Yasuharu, 2023. "The Nexus between Public Debt and the Government Spending Multiplier: Fiscal Adjustments Matter," MPRA Paper 116347, University Library of Munich, Germany.
    67. Martin Larch & João Nogueira Martins, 2007. "Fiscal indicators - Proceedings of the the Directorate-General for Economic and Financial Affairs Workshop held on 22 September 2006 in Brussels," European Economy - Economic Papers 2008 - 2015 297, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    68. Alessio Moro & Omar Rachedi, 2018. "The changing structure of goverment consumption spending," Working Papers 1840, Banco de España.
    69. Pieroni, Luca & Lorusso, Marco, 2013. "The Role of Fiscal Policy Components in Private Consumption: a Re-examination of the Effects of Military and Civilian Spending," MPRA Paper 47878, University Library of Munich, Germany.
    70. Afonso, Antonio & Claeys, Peter, 2008. "The dynamic behaviour of budget components and output," Economic Modelling, Elsevier, vol. 25(1), pages 93-117, January.
    71. Caldara, Dario & Kamps, Christophe, 2008. "What are the effects of fiscal policy shocks? A VAR-based comparative analysis," Working Paper Series 877, European Central Bank.
    72. Philip Arestis & Malcolm Sawyer, 2011. "The economic policies of the political economy of the Australian patriot and Cambridge economist," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 8(1), pages 129-145.
    73. Vitor M. Carvalho & Manuel M. F. Martins, 2011. "Macroeconomic effects of fiscal consolidations in a DSGE model for the Euro Area: does composition matter?," FEP Working Papers 421, Universidade do Porto, Faculdade de Economia do Porto.
    74. Corsetti, Giancarlo & Müller, Gernot & Meier, André, 2009. "Cross-border spillovers from fiscal stimulus," CEPR Discussion Papers 7535, Centre for Economic Policy Research.
    75. Sebastian Gechert & Henner Will, 2012. "Fiscal Multipliers: A Meta Regression Analysis," IMK Working Paper 97-2012, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    76. Eric M. Leeper & Nora Traum & Todd B. Walker, 2011. "Clearing Up the Fiscal Multiplier Morass," NBER Working Papers 17444, National Bureau of Economic Research, Inc.
    77. Lemoine, Matthieu & Lindé, Jesper, 2023. "Fiscal stimulus in liquidity traps: Conventional or unconventional policies?," European Economic Review, Elsevier, vol. 151(C).
    78. Moro, Alessio & Rachedi, Omar, 2018. "The Changing Structure of Government Spending," MPRA Paper 86577, University Library of Munich, Germany.
    79. Jørgensen, Peter L. & Ravn, Søren H., 2022. "The inflation response to government spending shocks: A fiscal price puzzle?," European Economic Review, Elsevier, vol. 141(C).
    80. Matthew Canzoneri, 2007. "Coordination of Monetary and Fiscal Policy in a Monetary Union: Policy Issues & Analytical Models," Money Macro and Finance (MMF) Research Group Conference 2006 165, Money Macro and Finance Research Group.
    81. Klein, Mathias & Linnemann, Ludger, 2019. "Tax and spending shocks in the open economy: are the deficits twins?," Working Paper Series 377, Sveriges Riksbank (Central Bank of Sweden).
    82. Tommaso Monacelli & Roberto Perotti & Antonella Trigari, 2011. "Taxes and the Labor Market," Working Papers Central Bank of Chile 623, Central Bank of Chile.
    83. Gregory E. Givens & Tavoy D. Reid, 2026. "Strengthening the micro origins of macro multipliers via partial insurance and increasing returns," Economic Inquiry, Western Economic Association International, vol. 64(2), pages 724-747, April.
    84. Andrea Colciago, 2011. "Rule‐of‐Thumb Consumers Meet Sticky Wages," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(2‐3), pages 325-353, March.
    85. Canzoneri, Matthew & Cumby, Robert & Diba, Behzad & López-Salido, David, 2011. "The role of liquid government bonds in the great transformation of American monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 35(3), pages 282-294, March.
    86. Florin O. Bilbiie, 2011. "Nonseparable Preferences, Frisch Labor Supply, and the Consumption Multiplier of Government Spending: One Solution to a Fiscal Policy Puzzle," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(1), pages 221-251, February.
    87. Wolff, Guntram B. & Tenhofen, Jörn & Heppke-Falk, Kirsten H., 2006. "The macroeconomic effects of exogenous fiscal policy shocks in Germany: a disaggregated SVAR analysis," Discussion Paper Series 1: Economic Studies 2006,41, Deutsche Bundesbank.
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    91. Rong Li & Xiaohui Tian, 2018. "Spending Reversals and Fiscal Multipliers under an Interest Rate Peg," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(4), pages 789-815, June.
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    102. Sebastian Gechert, 2013. "What fiscal policy is most effective? A Meta Regression Analysis," IMK Working Paper 117-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    103. Traum, Nora & Yang, Shu-Chun S., 2011. "Monetary and fiscal policy interactions in the post-war U.S," European Economic Review, Elsevier, vol. 55(1), pages 140-164, January.
    104. Nao Sudo & Yuki Teranishi, 2008. "Optimal Monetary Policy under Imperfect Financial Integration," IMES Discussion Paper Series 08-E-25, Institute for Monetary and Economic Studies, Bank of Japan.
    105. Charalampidis, Nikolaos, 2022. "Top income shares, inequality, and business cycles: United States, 1957–2016," European Economic Review, Elsevier, vol. 150(C).
    106. Ibrahim Unalmis, 2010. "Composition of the Government Spending and Behaviour of the Real Exchange Rate in a Small Open Economy," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 10(1), pages 1-27.
    107. Givens, Gregory, 2019. "Unemployment, Partial Insurance, and the Multiplier Effects of Government Spending," MPRA Paper 96811, University Library of Munich, Germany.

  36. Florin Bilbiie, 2005. "Limited Asset Markets Participation, Monetary Policy and (Inverted) Keynesian Logic," Economics Papers 2005-W09, Economics Group, Nuffield College, University of Oxford.

    Cited by:

    1. Fabian Eser, 2009. "Monetary Policy in a Currency Union with Heterogeneous Limited Asset Markets Participation," Economics Series Working Papers 2009-W16, University of Oxford, Department of Economics.
    2. Gisle James Natvik, 2006. "Government Spending and the Taylor Principle," Working Paper 2006/11, Norges Bank.
    3. Bilbiie, Florin O. & Meier, André & Müller, Gernot J., 2006. "What accounts for the changes in U.S. fiscal policy transmission?," Working Paper Series 582, European Central Bank.
    4. Galí, Jordi & Vallés Liberal, Javier & López-Salido, J David, 2005. "Understanding the Effects of Government Spending on Consumption," CEPR Discussion Papers 5212, Centre for Economic Policy Research.
    5. Giovanni Di Bartolomeo & Lorenza Rossi, 2007. "Heterogeneous consumers, demand regimes, monetary policy and equilibrium determinacy," CIMEO Working Paper Series 24, Centre for Investigation and Modelling of Experimental Observations (CIMEO).
    6. Andrea Colciago & Tiziano Ropele & V. Anton Muscatelli & Patrizio Tirelli, 2008. "The Role of Fiscal Policy in a Monetary Union: are National Automatic Stabilizers Effective?," Review of International Economics, Wiley Blackwell, vol. 16(3), pages 591-610, August.
    7. Lorenzo Forni & Libero Monteforte & Luca Sessa, 2007. "The general equilibrium effects of fiscal policy: estimates for the euro area," Temi di discussione (Economic working papers) 652, Bank of Italy, Economic Research and International Relations Area.
    8. Francesco Furlanetto & Martin Seneca, 2007. "Rule-of-thumb consumers, productivity and hours," Working Paper 2007/05, Norges Bank.
    9. Florin Bilbiie & Mr. Roland Straub, 2006. "Asset Market Participation, Monetary Policy Rules, and the Great Inflation," IMF Working Papers 2006/200, International Monetary Fund.
    10. Colciago, Andrea, 2005. "Rule of Thumb Consumers Meet Sticky Wages," MPRA Paper 3275, University Library of Munich, Germany, revised 27 Apr 2007.
    11. Bilbiie, Florin O. & Monacelli, Tommaso & Perotti, Roberto, 2024. "Stabilization vs. Redistribution: The optimal monetary–fiscal mix," Journal of Monetary Economics, Elsevier, vol. 147(S).
    12. Raffaele Rossi, 2007. "Rule of Thumb Consumers, Public Debt and Income Tax," Working Papers 2007_44, Business School - Economics, University of Glasgow, revised Dec 2007.
    13. Giovanni Di Bartolomeo & Lorenza Rossi & Massimiliano Tancioni, 2011. "Monetary policy, rule-of-thumb consumers and external habits: a G7 comparison," Applied Economics, Taylor & Francis Journals, vol. 43(21), pages 2721-2738.
    14. Giovanni Di Bartolomeo & Lorenza Rossi & Massimiliano Tancioni, 2007. "Monetary Policy, Rule-of-Thumb Consumers and External Habits: An International Comparison," Working Papers 0727, University of Crete, Department of Economics.
    15. Andrea Colciago, 2006. "Sticky wages and rule of thumb consumers," Working Papers 98, University of Milano-Bicocca, Department of Economics, revised Sep 2006.
    16. Bilbiie, Florin O., 2008. "Limited asset markets participation, monetary policy and (inverted) aggregate demand logic," Journal of Economic Theory, Elsevier, vol. 140(1), pages 162-196, May.

  37. Florin Bilbiie & Fabio Ghironi & Marc J. Melitz, 2005. "Business Cycles and Firm Dynamics," 2005 Meeting Papers 842, Society for Economic Dynamics.

    Cited by:

    1. Roberto Perotti, 2008. "In Search of the Transmission Mechanism of Fiscal Policy," NBER Chapters, in: NBER Macroeconomics Annual 2007, Volume 22, pages 169-226, National Bureau of Economic Research, Inc.
    2. Paul R. Bergin & Giancarlo Corsetti, 2005. "Towards a Theory of Firm Entry and Stabilization Policy," NBER Working Papers 11821, National Bureau of Economic Research, Inc.
    3. Tommaso Mancini Griffoli, 2006. "Explaining the Euro's Effect on Trade? Interest Rates in an Augmented Gravity Equation," IHEID Working Papers 10-2006, Economics Section, The Graduate Institute of International Studies.
    4. Lenno Uuskula, 2007. "Firm entry and liquidity," Bank of Estonia Working Papers 2007-06, Bank of Estonia, revised 26 Aug 2007.
    5. Tommaso Mancini Griffoli, 2006. "Monetary Policy with Endogenous Firm Entry and Sticky Entry Costs," IHEID Working Papers 09-2006, Economics Section, The Graduate Institute of International Studies.
    6. Paulo Brito & Huw Dixon, 2009. "Entry and the accumulation of capital: A two state variable extension to the Ramsey model," International Journal of Economic Theory, The International Society for Economic Theory, vol. 5(4), pages 333-357, December.
    7. Tommaso Monacelli & Roberto Perotti, 2008. "Fiscal Policy, Wealth Effects, and Markups," NBER Working Papers 14584, National Bureau of Economic Research, Inc.
    8. Marta Arespa, 2011. "A New Open Economy Macroeconomic Model with Endogenous Portfolio Diversifi cation and Firms Entry," Working Papers XREAP2011-15, Xarxa de Referència en Economia Aplicada (XREAP), revised Oct 2011.
    9. Bergin, Paul R. & Corsetti, Giancarlo, 2008. "The extensive margin and monetary policy," Journal of Monetary Economics, Elsevier, vol. 55(7), pages 1222-1237, October.
    10. Lilia Cavallari, 2011. "Firms entry, monetary policy and the international business cycle," CIMEO Working Paper Series 86, Centre for Investigation and Modelling of Experimental Observations (CIMEO).
    11. Halkos, George & Paizanos, Epameinondas, 2015. "Fiscal policy and economic performance: A review of the theoretical and empirical literature," MPRA Paper 67737, University Library of Munich, Germany.

  38. Florin O. Bilbiie & Roland Straub, 2004. "Fiscal Policy, Business Cycles and Labor-Market Fluctuations," MNB Working Papers 2004/6, Magyar Nemzeti Bank (Central Bank of Hungary).

    Cited by:

    1. Adrien Auclert & Matthew Rognlie & Ludwig Straub, 2018. "The Intertemporal Keynesian Cross," NBER Working Papers 25020, National Bureau of Economic Research, Inc.
    2. Bilbiie, Florin O. & Meier, André & Müller, Gernot J., 2006. "What accounts for the changes in U.S. fiscal policy transmission?," Working Paper Series 582, European Central Bank.
    3. Galí, Jordi & Vallés Liberal, Javier & López-Salido, J David, 2005. "Understanding the Effects of Government Spending on Consumption," CEPR Discussion Papers 5212, Centre for Economic Policy Research.
    4. Axelle Ferrière & Gaston Navarro, 2018. "The Heterogeneous Effects of Government Spending : It’s All About Taxes," International Finance Discussion Papers 1237, Board of Governors of the Federal Reserve System (U.S.).
    5. Florin Bilbiie & Fabio Ghironi & Marc J. Melitz, 2005. "Business Cycles and Firm Dynamics," 2005 Meeting Papers 842, Society for Economic Dynamics.
    6. Vitor Carvalho & Manuel M. F. Martins, 2011. "Investment and output effects of fiscal consolidations in a new-Keynesian DSGE model for the Euro Area: composition matters?," EcoMod2011 3246, EcoMod.
    7. Straub, Roland & Tchakarov, Ivan, 2007. "Assessing the impact of a change in the composition of public spending: a DSGE approach," Working Paper Series 795, European Central Bank.
    8. Bilbiie, Florin & Monacelli, Tommaso & Perotti, Roberto, 2020. "Stabilization vs. Redistribution: the Optimal Monetary-Fiscal Mix," CEPR Discussion Papers 15199, Centre for Economic Policy Research.
    9. Takyi, Paul Owusu & Leon-Gonzalez, Roberto, 2020. "Macroeconomic impact of fiscal policy in Ghana: Analysis of an estimated DSGE model with financial exclusion," Economic Analysis and Policy, Elsevier, vol. 67(C), pages 239-260.
    10. Xakousti Chrysanthopoulou & Moïse Sidiropoulos, 2026. "The (Ir)relevance of Limited Asset Market Participation for Monetary Policy: The Role of Union Wage-Setting Structures," Working Papers of BETA 2026-11, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    11. Florin Bilbiie, 2005. "Limited Asset Markets Participation, Monetary Policy and (Inverted) Keynesian Logic," Economics Papers 2005-W09, Economics Group, Nuffield College, University of Oxford.
    12. Bilbiie, Florin, 2009. "Non-Separable Preferences and Frisch Labor Supply: One Solution to a Fiscal Policy Puzzle," CEPR Discussion Papers 7484, Centre for Economic Policy Research.
    13. Roland Straub & Günter Coenen, 2005. "Non-Ricardian Households and Fiscal Policy in an Estimated DSGE Model of the Euro Area," Computing in Economics and Finance 2005 102, Society for Computational Economics.
    14. Coenen, Günter & Straub, Roland, 2005. "Does government spending crowd in private consumption? Theory and empirical evidence for the euro area," Working Paper Series 513, European Central Bank.
    15. Perotti, Roberto & Monacelli, Tommaso & Bilbiie, Florin, 2012. "Public Debt and Redistribution with Borrowing Constraints," CEPR Discussion Papers 9088, Centre for Economic Policy Research.
    16. Ricciutelli, Francesco, 2024. "Energy Inflation and Consumption Inequality," MPRA Paper 120899, University Library of Munich, Germany.
    17. Bilbiie, Florin O., 2020. "The New Keynesian cross," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 90-108.
    18. Francesco FURLANETTO, 2007. "Fiscal Shocks and the Consumption Response when Wages are Sticky," Cahiers de Recherches Economiques du Département d'économie 07.11, Université de Lausanne, Faculté des HEC, Département d’économie.
    19. Florin Bilbiie & Roland Straub, 2012. "Changes in the Output Euler Equation and Asset Markets Participation," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00680647, HAL.
    20. IWATA Yasuharu, 2009. "Fiscal Policy in an Estimated DSGE Model of the Japanese Economy: Do Non-Ricardian Households Explain All?," ESRI Discussion paper series 216, Economic and Social Research Institute (ESRI).
    21. Vitor M. Carvalho & Manuel M. F. Martins, 2011. "Macroeconomic effects of fiscal consolidations in a DSGE model for the Euro Area: does composition matter?," FEP Working Papers 421, Universidade do Porto, Faculdade de Economia do Porto.
    22. Tenhofen Jörn & Wolff Guntram B. & Heppke-Falk Kirsten H., 2010. "The Macroeconomic Effects of Exogenous Fiscal Policy Shocks in Germany: A Disaggregated SVAR Analysis," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 230(3), pages 328-355, June.
    23. G. Peersman & R. Straub, 2006. "Putting the New Keynesian Model to a Test," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 06/375, Ghent University, Faculty of Economics and Business Administration.
    24. Gert Peersman & Roland Straub, 2009. "Technology Shocks And Robust Sign Restrictions In A Euro Area Svar," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(3), pages 727-750, August.
    25. Florin O. Bilbiie, 2011. "Nonseparable Preferences, Frisch Labor Supply, and the Consumption Multiplier of Government Spending: One Solution to a Fiscal Policy Puzzle," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(1), pages 221-251, February.
    26. Celso José Costa-Junior & Sérgio R. de Brito Gadelha & Alejandro C. Garcia-Cintado, 2026. "Fiscal Policy in an SNA-Compliant DSGE Model for Emerging Markets," Open Economies Review, Springer, vol. 37(3), pages 901-960, July.
    27. Chrysanthopoulou, Xakousti & Sidiropoulos, Moise & Tsioutsios, Alexandros, 2024. "Ricardian equivalence and positively sloped IS curve: (Dis)equilibrium insights," The Journal of Economic Asymmetries, Elsevier, vol. 30(C).

  39. Bilbiie, Florin O., 2004. "The great inflation, limited asset markets participation and aggregate demand: FED policy was better than you think," Working Paper Series 408, European Central Bank.

    Cited by:

    1. Giovanni Di Bartolomeo & Lorenza Rossi, 2007. "Effectiveness of monetary policy and limited asset market participation: Neoclassical versus Keynesian effects," International Journal of Economic Theory, The International Society for Economic Theory, vol. 3(3), pages 213-218, September.
    2. Giovanni Di Bartolomeo & Lorenza Rossi, 2007. "Heterogeneous consumers, demand regimes, monetary policy and equilibrium determinacy," CIMEO Working Paper Series 24, Centre for Investigation and Modelling of Experimental Observations (CIMEO).
    3. Florin Bilbiie, 2005. "Limited Asset Markets Participation, Monetary Policy and (Inverted) Keynesian Logic," Economics Papers 2005-W09, Economics Group, Nuffield College, University of Oxford.
    4. Dibartolomeo, Giovanni & Rossi, Lorenza & Tancioni, Massimiliano, 2004. "Monetary Policy under Rule-of-Thumb Consumers and External Habits: An International Empirical Comparison," MPRA Paper 1094, University Library of Munich, Germany, revised Jun 2006.
    5. Landon-Lane, John & Occhino, Filippo, 2008. "Bayesian estimation and evaluation of the segmented markets friction in equilibrium monetary models," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 444-461, March.
    6. Camelia Ioana Ucenic & Laura Bacali, 2008. "The Impact of the Advance of SME's for the Romanian Economy," Working Papers 0804, University of Crete, Department of Economics.
    7. Di Bartolomeo, Giovanni & Manzo, Marco, 2007. "Do tax distortions lead to more indeterminacy? A New Keynesian perspective," MPRA Paper 3549, University Library of Munich, Germany.
    8. John Landon-Lane & Filippo Occhino, 2005. "Estimation and Evaluation of a Segmented Markets Monetary Model," Departmental Working Papers 200505, Rutgers University, Department of Economics.

  40. Florin Ovidiu BILBIIE, 2001. "Delegation and Coordination in Fiscal-Monetary Policy Games: Implementation of the Best Feasible Equilibrium," Economics Working Papers ECO2001/13, European University Institute.

    Cited by:

    1. Florin Bilbiie & David Stasavage, 2005. "Incomplete Fiscal Rules with Imperfect Enforcement," Economics Papers 2005-W12, Economics Group, Nuffield College, University of Oxford.

Articles

  1. Florin O Bilbiie, 2025. "Monetary Policy and Heterogeneity: An Analytical Framework," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 92(4), pages 2398-2436.
    See citations under working paper version above.
  2. Bilbiie, Florin O. & Monacelli, Tommaso & Perotti, Roberto, 2024. "Stabilization vs. Redistribution: The optimal monetary–fiscal mix," Journal of Monetary Economics, Elsevier, vol. 147(S).
    See citations under working paper version above.
  3. Florin O. Bilbiie, 2022. "Neo-Fisherian Policies and Liquidity Traps," American Economic Journal: Macroeconomics, American Economic Association, vol. 14(4), pages 378-403, October.
    See citations under working paper version above.
  4. Bilbiie, Florin O. & Känzig, Diego R. & Surico, Paolo, 2022. "Capital and income inequality: An aggregate-demand complementarity," Journal of Monetary Economics, Elsevier, vol. 126(C), pages 154-169.
    See citations under working paper version above.
  5. Florin Bilbiie & Xavier Ragot, 2021. "Optimal Monetary Policy and Liquidity with Heterogeneous Households," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 71-95, July.
    See citations under working paper version above.
  6. Florin O. Bilbiie, 2021. "Monetary Neutrality with Sticky Prices and Free Entry," The Review of Economics and Statistics, MIT Press, vol. 103(3), pages 492-504, July.
    See citations under working paper version above.
  7. Florin Bilbiie & Tommaso Monacelli & Roberto Perotti, 2021. "Fiscal Policy in Europe: Controversies over Rules, Mutual Insurance, and Centralization," Journal of Economic Perspectives, American Economic Association, vol. 35(2), pages 77-100, Spring.

    Cited by:

    1. García-Miralles, Esteban & Freier, Maximilian & Riscado, Sara & Brusbārde, Baiba & Cochard, Marion & Cornille, David & Dicarlo, Emanuele & Delgado-Téllez, Mar & Fadejeva, Ludmila & Flevotomou, Maria &, 2025. "Fiscal drag in theory and in practice: a European perspective," Working Paper Series 3136, European Central Bank.
    2. Daniel Loureiro & Oscar Afonso & Paulo B. Vasconcelos, 2024. "Global directed technical change model with fiscal and monetary policies, and public debt," Economic Change and Restructuring, Springer, vol. 57(2), pages 1-57, April.
    3. Pompeo Della Posta, & Roberto Tamborini, 2021. "The existential trilemma of EMU in a model of fiscal target zone," DEM Working Papers 2021/10, Department of Economics and Management.
    4. Ethan Ilzetzki & Heidi Christina Thysen, 2025. "Fiscal Rules and Market Discipline," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(1), pages 45-85, March.
    5. Plamen Nikolov & Paolo Pasimeni, 2023. "Fiscal Stabilization in the United States: Lessons for Monetary Unions," Open Economies Review, Springer, vol. 34(1), pages 113-153, February.
    6. Economides, George & Koliousi, Giota & Miaouli, Natasha & Philippopoulos, Apostolis, 2025. "From debt arithmetic to fiscal sustainability and fiscal rules: Taking stock and policy lessons," The Journal of Economic Asymmetries, Elsevier, vol. 31(C).
    7. Julia del Amo Valor & Marcos Martín Mateos & Diego Martínez López & Javier J. Pérez, 2023. "Is the European economic governance framework too “complex”? A critical discussion," Working Papers 2023-06, FEDEA.
    8. Afef Bouattour & Maha Kalai & Kamel Helali, 2024. "Slowdown in total factor productivity of French private companies: Between microeconomic heterogeneity and inappropriate government policies," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(1), pages 193-209, January.
    9. Frane Banić & Milan Deskar-Škrbić & Maroje Lang, 2025. "Which bite harder: new or old EU fiscal rules? Backcasting Croatian episode under the EDP," Surveys 42, The Croatian National Bank, Croatia.
    10. Jean-Baptiste Gossé & Camille Jehle & Yann Perdereau & Roger Vicquéry, 2022. "European unemployment insurance and macroeconomic stabilisation: are permanent fiscal transfers between States needed? [La stabilisation macroéconomique par une assurance chômage européenne implique-t-elle des transferts permanents entre États ?]," Bulletin de la Banque de France, Banque de France, issue 240.
    11. Economides, George & Koliousi, Giota & Miaouli, Natasha & Philippopoulos, Apostolis, 2024. "From debt arithmetic to fiscal sustainability and fiscal rules: taking stock and policy lessons," LSE Research Online Documents on Economics 122241, London School of Economics and Political Science, LSE Library.
    12. Mario Alloza & Javier Andrés & Pablo Burriel & Iván Kataryniuk & Javier J. Pérez & Juan Luis Vega, 2021. "La reforma del marco de gobernanza de la política fiscal de la Unión Europea en un nuevo entorno macroeconómico," Occasional Papers 2121, Banco de España.
    13. M. P. Afanasyev & N. N. Shash, 2025. "Recovery Budget: Objectives and Contents (Based on the French State Budget for 2025)," Studies on Russian Economic Development, Springer, vol. 36(5), pages 753-764, October.
    14. Emmanuel CARRÉ & Frédérique FESTOC & Patricia LE MAITRE, 2025. "Quo Vadis regional monetary integration? Major trends in the optimum currency area literature over the last 60 years: A bibliometric approach," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 62, pages 67-98.
    15. Fayzieva Nargiza Rabimovna, 2023. "Southeast Asia’s Green Economy and Environmental Taxation," GREEN ECONOMY AND DEVELOPMENT, "Ma'rifat-Print-Media" LLC, Tashkent State University of Economics, vol. 1(11), December.
    16. Lara Wemans & et al., 2025. "Fiscal Drag in Theory and in Practice: a European Perspective," Working Papers w202516, Banco de Portugal, Economics and Research Department.
    17. Mario Alloza & Javier Andrés & Pablo Burriel & Iván Kataryniuk & Javier J. Pérez & Juan Luis Vega, 2021. "The reform of the european Union’s fiscal governance Framework in a new Macroeconomic environment," Occasional Papers 2121, Banco de España.
    18. Zhang Huiyu & Xiao Jianhua & Vveinhardt Jolita & Máté Domicián, 2025. "Coordinating Government Fiscal Policy and Debt Management: Bibliometric Analysis and Visualization," Management Theory and Studies for Rural Business and Infrastructure Development, Paradigm, vol. 47(3), pages 459-483.
    19. Căpraru, Bogdan & Georgescu, George & Sprincean, Nicu, 2022. "Do independent fiscal institutions cause better fiscal outcomes in the European Union?," Economic Systems, Elsevier, vol. 46(2).
    20. Sebastian Blesse & Massimo Bordignon & Pierre C Boyer & Piergiorgio Carapella & Friedrich Heinemann & Eckhard Janeba & Anasuya Raj, 2022. "European fiscal reform preferences of parliamentarians in France, Germany and Italy," European Union Politics, , vol. 23(3), pages 529-540, September.
    21. Havlik, Annika & Heinemann, Friedrich & Helbig, Samuel & Nover, Justus, 2022. "Dispelling the shadow of fiscal dominance? Fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic," Journal of International Money and Finance, Elsevier, vol. 122(C).

  8. Bilbiie, Florin O., 2020. "The New Keynesian cross," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 90-108.
    See citations under working paper version above.
  9. Florin O. Bilbiie & Fabio Ghironi & Marc J. Melitz, 2019. "Monopoly Power and Endogenous Product Variety: Distortions and Remedies," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(4), pages 140-174, October.
    See citations under working paper version above.
  10. Florin O. Bilbiie & Tommaso Monacelli & Roberto Perotti, 2019. "Is Government Spending at the Zero Lower Bound Desirable?," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(3), pages 147-173, July.
    See citations under working paper version above.
  11. Florin O. Bilbiie, 2019. "Optimal Forward Guidance," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(4), pages 310-345, October.
    See citations under working paper version above.
  12. Bilbiie, Florin O. & Fujiwara, Ippei & Ghironi, Fabio, 2014. "Optimal monetary policy with endogenous entry and product variety," Journal of Monetary Economics, Elsevier, vol. 64(C), pages 1-20.
    See citations under working paper version above.
  13. Bilbiie, Florin O., 2014. "Delegating optimal monetary policy inertia," Journal of Economic Dynamics and Control, Elsevier, vol. 48(C), pages 63-78.
    See citations under working paper version above.
  14. Florin O. Bilbiie & Tommaso Monacelli & Roberto Perotti, 2013. "Public Debt and Redistribution with Borrowing Constraints," Economic Journal, Royal Economic Society, vol. 0, pages 64-98, February.
    See citations under working paper version above.
  15. Florin O. Bilbiie & Roland Straub, 2013. "Asset Market Participation, Monetary Policy Rules, and the Great Inflation," The Review of Economics and Statistics, MIT Press, vol. 95(2), pages 377-392, May.
    See citations under working paper version above.
  16. Florin O. Bilbiie & Fabio Ghironi & Marc J. Melitz, 2012. "Endogenous Entry, Product Variety, and Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 120(2), pages 304-345.
    See citations under working paper version above.
  17. Bilbiie, Florin O. & Straub, Roland, 2012. "Changes in the output Euler equation and asset markets participation," Journal of Economic Dynamics and Control, Elsevier, vol. 36(11), pages 1659-1672.
    See citations under working paper version above.
  18. Florin O. Bilbiie, 2011. "Nonseparable Preferences, Frisch Labor Supply, and the Consumption Multiplier of Government Spending: One Solution to a Fiscal Policy Puzzle," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(1), pages 221-251, February.
    See citations under working paper version above.
  19. Florin O. Bilbiie, 2011. "The Time Inconsistency of Delegation-Based Time Inconsistency Solutions in Monetary Policy," Journal of Optimization Theory and Applications, Springer, vol. 150(3), pages 657-674, September.
    See citations under working paper version above.
  20. Bilbiie, Florin O., 2011. "Designing domestic institutions for international monetary policy cooperation: A Utopia?," Journal of International Money and Finance, Elsevier, vol. 30(3), pages 393-409, April.
    See citations under working paper version above.
  21. Florin O. Bilbiie, 2009. "Nonseparable Preferences, Fiscal Policy Puzzles, and Inferior Goods," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(2-3), pages 443-450, March.
    See citations under working paper version above.
  22. Florin O. Bilbiie & Andr… Meier & Gernot J. M‹Ller, 2008. "What Accounts for the Changes in U.S. Fiscal Policy Transmission?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(7), pages 1439-1470, October.
    See citations under working paper version above.
  23. Bilbiie, Florin O., 2008. "Limited asset markets participation, monetary policy and (inverted) aggregate demand logic," Journal of Economic Theory, Elsevier, vol. 140(1), pages 162-196, May.
    See citations under working paper version above.

Software components

  1. Florin Bilbiie & Xavier Ragot, 2020. "Code and data files for "Optimal Monetary Policy and Liquidity with Heterogeneous Households"," Computer Codes 20-11, Review of Economic Dynamics.
    See citations under working paper version above.Sorry, no citations of software components recorded.

Chapters

  1. Florin O. Bilbiie & Fabio Ghironi & Marc J. Melitz, 2008. "Monetary Policy and Business Cycles with Endogenous Entry and Product Variety," NBER Chapters, in: NBER Macroeconomics Annual 2007, Volume 22, pages 299-353, National Bureau of Economic Research, Inc.
    See citations under working paper version above.Sorry, no citations of chapters recorded.
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