F6

Anusha Chari · Peter Blair Henry · Racha Moussa

In a calibrated neo-classical growth model, moving from financial autarky to integration raises consumption most in the first years after opening, so the standard infinite-horizon Hicksian welfare …

Xing Guo · Pablo Ottonello · Diego J. Perez

This paper builds an open-economy heterogeneous-agent New Keynesian (HANK) model in which households differ not only in income and wealth but in their real integration (tradable vs. nontradable …