This paper develops and implements a system of disaggregated economic accounts that breaks down national accounting positions into bilateral flows between small groups of consumers, producers, the …
PublishedClassicJournal of the European Economic AssociationOnline 12 Jun 2020Published Apr 2021
A HANK model that is tractable enough to solve on paper, built by grafting Diamond-Mortensen-Pissarides search frictions onto a New Keynesian economy and then imposing assumptions that make the wealth …
Treating the cross-sectional distribution as an explicit state variable turns a heterogeneous-agent economy into a single, low-dimensional "Master Equation," and this paper shows that its first- and …