MPCs, MPEs and Multipliers: A Trilemma for New Keynesian Models
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We show that New Keynesian models with frictionless labor supply face a challenge: given standard parameters, they cannot simultaneously match plausible estimates of marginal propensities to consume (MPCs), marginal propensities to earn (MPEs), and fiscal multipliers. A HANK model with sticky wages
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美国国家经济研究局创建时间：
2020-07-01
