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The New Keynesian Cross

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  • Bilbiie, Florin

Abstract

The New Keynesian (NK) Cross is a graphical and analytical apparatus for heterogeneous-agent (HANK) models expressing key aggregate demand objects - MPC and multipliers - as functions of heterogeneity parameters. It affords analytical insights into monetary, fiscal, and forward guidance multipliers, and replicates the aggregate implications of quantitative HANK. The key parameter - the constrained agents - income elasticity to aggregate income - depends on fiscal redistribution: when it is larger (smaller) than one, the effects of policies and shocks are amplified (dampened). With uninsurable idiosyncratic uncertainty, this translates intertemporally - through compounding (discounting) in the aggregate Euler equation - into further amplification (dampening) of future shocks.

Suggested Citation

  • Bilbiie, Florin, 2017. "The New Keynesian Cross," CEPR Discussion Papers 11989, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:11989
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    More about this item

    Keywords

    Heterogeneity; Aggregate demand; Keynesian cross; Monetary policy; Fiscal multipliers; Redistribution; Forward guidance; Hank; Tank;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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