This paper investigates how the EU's Fit-for-55 climate package will affect aggregate output and distribute its costs across the income distribution. The question matters because energy is a necessity …
PublishedClassicJournal of Economic Dynamics and ControlPublished Apr 2018
This paper proposes computing the aggregate-uncertainty equilibrium of a heterogeneous-agent model by solving, entirely with standard nonlinear methods, the deterministic transition path back to …
PublishedClassicJournal of International EconomicsPublished May 2020
This paper builds a Heterogeneous-Agent New-Keynesian Small Open Model Economy (HANKSOME), calibrated to Hungary's pre-2009 current account boom and sudden-stop reversal, and shows that when …
Using PSID panel data and a calibrated heterogeneous-household business-cycle model, this chapter shows that a sufficiently large mass of low-wealth, non-hand-to-mouth households who sharply raise …
This paper builds a Heterogeneous Agent New Keynesian (HANK) model with incomplete markets, capital, and nominal price/wage rigidities -- with a government budget constraint specified in nominal terms …