Published Quarterly Journal of Economics Online 10 Sep 2024 Published Jan 2025Present Bias Amplifies the Household Balance-Sheet Channels of Macroeconomic PolicyPeter Maxted · David Laibson · Benjamin MollMaxted, Laibson, and Moll study fiscal and monetary policy in a partial-equilibrium heterogeneous-agent model in which homeowners have present-biased time preferences (Instantaneous Gratification …