Fiscal multipliers: A heterogenous-agent perspective

• 成果类型: Article
• 署名作者: Broer, Tobias; Krusell, Per; Oberg, Erik
• 署名单位: Paris School of Economics; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Uppsala University
• 刊物名称: QUANTITATIVE ECONOMICS
• ISSN/ISSBN: 1759-7323
• DOI: 10.3982/QE1901
• 发表日期: 2023
• 页码: 799-816
• 关键词: Fiscal policy; heterogeneous agents; new Keynesian model; E32; E62

摘要

We use an analytically tractable heterogeneous-agent (HANK) version of the standard New Keynesian model to show how the size of fiscal multipliers depends on (i) the distribution of factor incomes, and (ii) the source of nominal rigidities. With sticky prices but flexible wages, the standard representative-agent (RANK) model predicts large multipliers because profits fall after a fiscal stimulus and the resulting negative income effect makes the representative worker work harder. Our HANK model, where workers do not own stock, and thus do not receive profit income, predicts smaller fiscal multipliers. In fact, they are smaller with sticky prices than with flexible prices. When wages are the source of nominal rigidity, in contrast, fiscal multipliers are close to one, independently of income heterogeneity and price stickiness.