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New Keynesian Economics with Household and Firm Heterogeneity

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NBER2025-12-01 更新2026-01-03 收录
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The Heterogeneous-Agent New Keynesian literature has revisited the transmission of monetary and fiscal policy to consumption using models where heterogeneous households face idiosyncratic income risk and borrowing constraints. We show that the key lessons from this literature also apply to

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2025-12-01
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