Heterogeneous-Agent-Macro

Volha Audzei · Ivan Sutóris

Layer 1: Overview Audzei and Sutóris ask whether inflation-targeting monetary policy affects households’ incentives to invest in energy conservation, and whether the standard central bank …

Jorge Miranda-Pinto · Daniel Murphy · Kieran James Walsh · Eric R. Young

A common observation from account-level bank data is that low-income, low-liquidity households often use additional income to repay debt rather than consume, and that household-level consumption is …

Federico Mandelman · Mishita Mehra · Hewei Shen

High-skilled immigration policy frictions—particularly the H-1B visa lottery, fixed annual cap, and associated compliance costs—impose well-known burdens on firms, but their disproportionate impact on …

Andrew Caplin · Victoria Gregory · Eungik Lee · Søren Leth-Petersen · Johan Sæverud

The paper introduces a survey instrument — fielded in the Copenhagen Life Panel in January 2021 to about 10,900 employed Danes aged 20-65 — that measures how much earnings risk workers subjectively …

Ding Dong · Zheng Liu · Pengfei Wang

Firm-level evidence shows that recessions are characterized not just by aggregate downturns but by a sharp rise in turbulence—a reshuffling of firms’ productivity rankings in which …

Nicholas Kozeniauskas

The entrepreneurship rate in the United States—defined as the share of the labor force who own and actively manage a business with at least ten employees—declined by 26% between 1987 and 2015, a …