Present Bias Amplifies the Household Balance-Sheet Channels of Macroeconomic Policy
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We study the effects of monetary and fiscal policy in a heterogeneous-agent model where households have present-biased time preferences and naive beliefs. The model features a liquid asset and illiquid home equity, which households can use as collateral for borrowing. Because present bias
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美国国家经济研究局创建时间：
2021-08-01
