How Small is Small? Non-linearities in Heterogeneous Agent Models
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In plausibly calibrated heterogeneous-agent models, marginal propensities to consume (MPCs) are highly non-linear in wealth, falling sharply away from borrowing constraints. As a result, the aggregate consumption response to a fiscal transfer is strongly concave in its size: larger transfers shift
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美国国家经济研究局创建时间：
2026-06-01
