Andreas Schaab

Andreas Schaab

Using a new global solution method for a HANK model with counter-cyclical unemployment risk and a zero lower bound, this job-market paper shows that the dominant transmission channel of macroeconomic …

Eduardo Dávila · Andreas Schaab

This paper characterizes optimal monetary policy in a heterogeneous-agent New Keynesian (HANK) model with wage rigidity, showing that a discretionary utilitarian planner's desire to redistribute …

Yucheng Yang · Chiyuan Wang · Andreas Schaab · Benjamin Moll

By replacing the cross-sectional distribution with low-dimensional current prices as the state variable and letting agents learn equilibrium price dynamics from simulated paths -- while still …