The New Keynesian cross

• 成果类型: Article
• 署名作者: Bilbiie, Florin O.
• 署名单位: University of Lausanne
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.03.003
• 发表日期: 2020
• 页码: 90-108
• 关键词: heterogeneity; aggregate demand; Keynesian cross; monetary policy; Fiscal multipliers; redistribution; Forward guidance; Hand-to-mouth; HANK; TANK

摘要

The New Keynesian (NK) cross is a graphical and analytical apparatus for heterogeneous-agent (HANK) models expressing key aggregate demand objects-MPC and multipliers-as functions of heterogeneity parameters. It affords analytical insights into monetary, fiscal, and forward guidance multipliers, and replicates the aggregate implications of quantitative HANK. The key parameter-the constrained agents' income elasticity to aggregate income-depends on fiscal redistribution: when it is larger (smaller) than one, the effects of policies and shocks are amplified (dampened). With uninsurable idiosyncratic uncertainty, this translates intertemporally-through compounding (discounting) in the aggregate Euler equation-into further amplification (dampening) of future shocks. (c) 2019 Elsevier B.V. All rights reserved.