MPCs, MPEs, and Multipliers: A Trilemma for New Keynesian Models

• 成果类型: Article
• 署名作者: Auclert, Adrien; Bardoczy, Bence; Rognlie, Matthew
• 署名单位: National Bureau of Economic Research; Stanford University; Northwestern University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_01072
• 发表日期: 2023-05
• 页码: 700-712
• 关键词: monetary-policy; fiscal-policy; nonseparable preferences; consumption; stimulus; savings; prices; shocks; income

摘要

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 provides a solution to this trilemma.