Giovanni L. Violante

Filippo Pallotti · Gonzalo Paz-Pardo · Jiri Slacalek · Oreste Tristani · Giovanni L. Violante

This paper measures the heterogeneous first-order welfare effects of the 2021-2023 inflation surge across households in the four largest euro area countries (Germany, France, Italy, Spain). …

Greg Kaplan · Giovanni L. Violante

This essay argues that the Great Recession exposed how badly representative-agent models capture household consumption behavior, and outlines the emerging Heterogeneous Agent New Keynesian (HANK) …

Greg Kaplan · Benjamin Moll · Giovanni L. Violante

This paper builds a two-asset Heterogeneous Agent New Keynesian (HANK) model matching the empirical joint distribution of income, liquid, and illiquid wealth, and finds that the indirect effect of an …

Jonathan Heathcote · Kjetil Storesletten · Giovanni L. Violante

This review organizes the quantitative macroeconomics literature on household heterogeneity around the "standard incomplete markets" model, asking what sources of individual risk matter most, what …

Greg Kaplan · Giovanni L. Violante

This review systematically compares heterogeneous-agent incomplete-markets models to see which model features and calibration strategies can deliver both a realistically large average marginal …