E60

Minsu Chang · Hanbaek Lee

This paper investigates the fiscal multiplier of infrastructure investment, specifically by incorporating firm-level investment decisions — a dimension absent from prior literature. The central …

Jiequn Han · Yucheng Yang · Weinan E

DeepHAM represents the distribution of agents through a small set of algorithmically-learned "generalized moments" and uses deep neural networks trained on directly simulated paths to globally solve …

Thomas Herndon · M. Ash · Robert Pollin

A critical replication of Reinhart and Rogoff's "Growth in a Time of Debt" using their own working spreadsheet, which identifies three separate problems -- an unexplained exclusion of early post-war …

Sebastian Doerr · Thomas Drechsel · Donggyu Lee

The paper establishes a causal link from rising top income shares to reduced net job creation at small firms, working through a bank funding channel rooted in non-homothetic household portfolio …

Florin O. Bilbiie

THANK, a tractable heterogeneous-agent New Keynesian model built around a single statistic for the cyclicality of income inequality, shows that the conditions needed for HANK-style amplification of …

Anmol Bhandari · Tobey Kass · Thomas J. May · Ellen R. McGrattan · Evan Schulz

This paper uses a novel longitudinal administrative dataset drawn from U.S. Internal Revenue Service (IRS) and Social Security Administration (SSA) records to characterize income dynamics and the …

Peter Maxted · David Laibson · Benjamin Moll

Maxted, 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 …

Jesper Böjeryd · Roine Vestman · Björn Tyrefors · Dany Kessel

This paper estimates a causal housing wealth effect on consumption using a quasi-natural experiment in Stockholm, Sweden. The identification exploits an unanticipated political decision — announced in …