Auclert, Rognlie, and Straub review a decade of Heterogeneous-Agent New Keynesian (HANK) research through a single canonical model, showing that monetary and balanced-budget fiscal policy have …
This review organizes the quantitative macroeconomics literature on household heterogeneity around the "standard incomplete markets" model, asking what sources of individual risk matter most, what …
This review systematically compares heterogeneous-agent incomplete-markets models to see which model features and calibration strategies can deliver both a realistically large average marginal …