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Monetary Policy and Heterogeneity: An Analytical Framework

Citations

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Cited by:

  1. Moser, Christian & Saidi, Farzad & Wirth, Benjamin & Wolter, Stefanie, 2020. "Credit Supply, Firms, and Earnings Inequality," MPRA Paper 100371, University Library of Munich, Germany.
  2. Gornemann, Nils & Hildebrand, Sebastian & Kuester, Keith, 2024. "Limited (energy) supply, monetary policy, and sunspots," European Economic Review, Elsevier, vol. 168(C).
  3. Bilbiie, Florin O. & Monacelli, Tommaso & Perotti, Roberto, 2024. "Stabilization vs. Redistribution: The optimal monetary–fiscal mix," Journal of Monetary Economics, Elsevier, vol. 147(S).
  4. Euiyoung Jung, 2021. "On the design of labor market programs as stabilization policies," PSE Working Papers halshs-03243698, HAL.
  5. Davide Debortoli & Jordi Galí, 2024. "Idiosyncratic Income Risk and Aggregate Fluctuations," American Economic Journal: Macroeconomics, American Economic Association, vol. 16(4), pages 279-310, October.
  6. Sushant Acharya & Keshav Dogra, 2020. "Understanding HANK: Insights From a PRANK," Econometrica, Econometric Society, vol. 88(3), pages 1113-1158, May.
  7. 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.
  8. 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.
  9. Chien, YiLi & Wen, Yi, 2021. "Time-inconsistent optimal quantity of debt," European Economic Review, Elsevier, vol. 140(C).
  10. 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.
  11. 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.
  12. 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.
  13. Atif Mian & Ludwig Straub & Amir Sufi, 2021. "Indebted Demand," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 136(4), pages 2243-2307.
  14. 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.
  15. Bhatnagar, Aryaman, 2023. "Monetary policy with non-Ricardian households," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 12-26.
  16. 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).
  17. repec:zbw:bofrdp:2021_011 is not listed on IDEAS
  18. Macaulay, Alistair, 2021. "The attention trap: Rational inattention, inequality, and fiscal policy," European Economic Review, Elsevier, vol. 135(C).
  19. 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.
  20. 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).
  21. 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.
  22. 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.
  23. Auray, Stéphane & Eyquem, Aurélien, 2020. "The macroeconomic effects of lockdown policies," Journal of Public Economics, Elsevier, vol. 190(C).
  24. 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.
  25. Edouard Challe, 2020. "Uninsured Unemployment Risk and Optimal Monetary Policy in a Zero-Liquidity Economy," American Economic Journal: Macroeconomics, American Economic Association, vol. 12(2), pages 241-283, April.
  26. 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.
  27. Galo Nuño & Carlos Thomas, 2020. "Optimal Monetary Policy with Heterogeneous Agents," CESifo Working Paper Series 8670, CESifo.
  28. YiLi Chien & Yi Wen, 2023. "Optimal Dynamic Tax-Transfer Policies in Heterogeneous-Agents Economies," Working Papers 2023-009, Federal Reserve Bank of St. Louis.
  29. Cantore, Cristiano & Meichtry, Pascal, 2024. "Unwinding quantitative easing: State dependency and household heterogeneity," European Economic Review, Elsevier, vol. 170(C).
  30. Koimisis, Georgios & Giannikos, Christos I., 2024. "Inequality, premium and the timing of resolution of uncertainty," Finance Research Letters, Elsevier, vol. 60(C).
  31. 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.
  32. Kopiec, Paweł, 2024. "Monetary-Fiscal Forward Guidance," MPRA Paper 120563, University Library of Munich, Germany.
  33. Tom D. Holden, 2024. "Robust Real Rate Rules," Econometrica, Econometric Society, vol. 92(5), pages 1521-1551, September.
  34. Cristiano Cantore & Vedanta Dhamija, 2024. "The Perils of a Dual Mandate," Economics Series Working Papers 1059, University of Oxford, Department of Economics.
  35. Chikhale, Nisha, 2023. "The effects of uncertainty shocks: Implications of wealth inequality," European Economic Review, Elsevier, vol. 154(C).
  36. 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).
  37. OH, Joonseok; ROGANTINI PICCO, Anna, 2019. "Macro uncertainty and unemployment risk," Economics Working Papers ECO 2019/02, European University Institute.
  38. Bonchi, Jacopo & Nisticò, Salvatore, 2024. "Optimal monetary policy and rational asset bubbles," European Economic Review, Elsevier, vol. 170(C).
  39. Ida, Daisuke, 2024. "Household heterogeneity and the price puzzle in a new Keynesian model," Journal of Macroeconomics, Elsevier, vol. 79(C).
  40. 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.
  41. 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.
  42. Bernstein, Joshua, 2021. "A model of state-dependent monetary policy," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 904-917.
  43. Cantore, Cristiano & Leonardi, Edoardo, 2025. "Monetary–fiscal interaction and the liquidity of government debt," European Economic Review, Elsevier, vol. 173(C).
  44. Hoffmann, Mathias & Moench, Emanuel & Pavlova, Lora & Schultefrankenfeld, Guido, 2022. "Would households understand average inflation targeting?," Journal of Monetary Economics, Elsevier, vol. 129(S), pages 52-66.
  45. repec:spo:wpmain:info:hdl:2441/5e33qpbdeh9pgbbfkkp2ddbtam is not listed on IDEAS
  46. 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.).
  47. Bartal, Mehdi & Becard, Yvan, 2024. "Consumption tax cuts vs stimulus payments," Journal of Public Economics, Elsevier, vol. 239(C).
  48. Lepetit, Antoine & Fuentes-Albero, Cristina, 2022. "The limited power of monetary policy in a pandemic," European Economic Review, Elsevier, vol. 147(C).
  49. Bence Bardóczy & Mateo Velásquez-Giraldo, 2024. "HANK Comes of Age," Finance and Economics Discussion Series 2024-052, Board of Governors of the Federal Reserve System (U.S.).
  50. Loria, Francesca & Matthes, Christian & Wang, Mu-Chun, 2022. "Economic theories and macroeconomic reality," Journal of Monetary Economics, Elsevier, vol. 126(C), pages 105-117.
  51. Mangiante, Giacomo, 2024. "The geographic effects of carbon pricing," European Economic Review, Elsevier, vol. 168(C).
  52. Nicolas Caramp & Sanjay R Singh, 2023. "Bond Premium Cyclicality and Liquidity Traps," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 90(6), pages 2822-2879.
  53. 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.
  54. Florin O. Bilbiie, 2019. "Optimal Forward Guidance," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(4), pages 310-345, October.
  55. 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.
  56. Grimaud, Alex, 2021. "Precautionary saving and un-anchored expectations," MPRA Paper 110651, University Library of Munich, Germany.
  57. 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.
  58. Zhao, Junzhu, 2023. "Wealth in utility, the Taylor principle and determinacy," Journal of Macroeconomics, Elsevier, vol. 76(C).
  59. 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.
  60. Martin B. Holm, 2023. "Monetary transmission with income risk," Scandinavian Journal of Economics, Wiley Blackwell, vol. 125(2), pages 441-460, April.
  61. 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.
  62. Carreño Bustos, José Gabo, 2023. "Flexible Contracts as Business Cycle Stabilizers," Discussion Paper 2023-007, Tilburg University, Center for Economic Research.
  63. 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.).
  64. 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.
  65. Adrien Auclert & Bence Bardóczy & Matthew Rognlie & Ludwig Straub, 2021. "Using the Sequence‐Space Jacobian to Solve and Estimate Heterogeneous‐Agent Models," Econometrica, Econometric Society, vol. 89(5), pages 2375-2408, September.
  66. Gerke, Rafael & Giesen, Sebastian & Scheer, Alexander, 2020. "The power of forward guidance in a quantitative TANK model," Economics Letters, Elsevier, vol. 186(C).
  67. 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.
  68. Cem Gorgun, 2019. "Monetary Unions and National Welfare," Koç University-TUSIAD Economic Research Forum Working Papers 1912, Koc University-TUSIAD Economic Research Forum.
  69. Naubert, Christopher, 2019. "Monetary Policy and Redistribution: A Look under the Hatch with TANK," CEPR Discussion Papers 14159, C.E.P.R. Discussion Papers.
  70. 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.
  71. Eusepi, Stefano & Gibbs, Chris & Preston, Bruce, 2021. "Forward guidance with unanchored expectations," Research Discussion Papers 11/2021, Bank of Finland.
  72. 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.
  73. Roman Sustek, 2021. "Yield curve and the business cycle in conventional times," Discussion Papers 2122, Centre for Macroeconomics (CFM).
  74. Stéphane Dupraz & Magali Marx, 2023. "Anchoring Boundedly Rational Expectations," Working papers 936, Banque de France.
  75. Airaudo, Marco, 2020. "Temptation and forward-guidance," Journal of Economic Theory, Elsevier, vol. 186(C).
  76. Jung, Yongseung, 2019. "What drives business cycles in Korea?," Japan and the World Economy, Elsevier, vol. 52(C).
  77. Jacopo Bonchi & Salvatore Nisticò, 2022. "Heterogeneity, Bubbles and Monetary Policy," Working Papers 5/22, Sapienza University of Rome, DISS.
  78. Stéphane Dupraz, 2023. "The Dynamic IS Curve when there is both Investment and Savings," Working papers 905, Banque de France.
  79. Euiyoung Jung, 2021. "On the design of labor market programs as stabilization policies," Working Papers halshs-03243698, HAL.
  80. repec:hal:spmain:info:hdl:2441/5e33qpbdeh9pgbbfkkp2ddbtam is not listed on IDEAS
  81. Daeha Cho, 2023. "Unemployment risk, MPC heterogeneity, and business cycles," Quantitative Economics, Econometric Society, vol. 14(2), pages 717-751, May.
  82. 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.
  83. Roulleau-Pasdeloup, Jordan, 2020. "Optimal monetary policy and determinacy under active/passive regimes," European Economic Review, Elsevier, vol. 130(C).
  84. Florin O. Bilbiie, 2022. "Neo-Fisherian Policies and Liquidity Traps," American Economic Journal: Macroeconomics, American Economic Association, vol. 14(4), pages 378-403, October.
  85. Spector, Mariano, 2024. "Redistributive fiscal policy and marginal propensities to consume," Journal of Economic Theory, Elsevier, vol. 218(C).
  86. Stefano Maria Corbellini, 2022. "Optimal monetary and transfer policy in a liquidity trap," Diskussionsschriften dp2216, Universitaet Bern, Departement Volkswirtschaft.
  87. 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.
  88. Bilbiie, Florin O., 2020. "The New Keynesian cross," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 90-108.
  89. Christina Patterson, 2022. "The Matching Multiplier and the Amplification of Recessions," Working Papers 22-20, Center for Economic Studies, U.S. Census Bureau.
  90. Eusepi, Stefano & Gibbs, Chris & Preston, Bruce, 2021. "Forward guidance with unanchored expectations," Bank of Finland Research Discussion Papers 11/2021, Bank of Finland.
  91. Bilbiie, F. O. & Galaasen, S. M. & Gurkayna, R. S. & Maehlum, M. & Molnar, K, 2025. "Hanksson," Janeway Institute Working Papers 2507, Faculty of Economics, University of Cambridge.
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