Self-fulfilling fluctuations in HANK economies
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https://www.nber.org/papers/w32462
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资源简介：
We show that in Heterogeneous-Agent New-Keynesian (HANK) economies with countercyclical risk the natural interest rate is endogenous and co-moves with output, leaving the economy sus-ceptible to self-fulfilling fluctuations. Unlike in Representative-Agent New-Keynesian models, the Taylor principle
提供机构：
美国国家经济研究局
创建时间：
2024-05-01
