| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11696 |
| DP11696 Macroeconomic Fluctuations with HANK & SAM: An Analytical Approach | |
| Morten Ravn; Vincent Sterk | |
| 发表日期 | 2016-12-08 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | New Keynesian models with unemployment and incomplete markets are rapidly becoming a new workhorse model in macroeconomics. Such models typically require heavy computational methods which may obscure intuition and overlook equilibria. We present a tractable version which can be characterized analytically. Our results highlight that - due to the interaction between incomplete markets, sticky prices and endogenous unemployment risk - productivity shocks may have radically different effects than in traditional NK models, that the Taylor principle may fail, and that pessimistic beliefs may be self-fulfilling and move the economy into temporary episodes of low demand and high unemployment, as well as into a long-lasting unemployment trap. At the Zero Lower Bound, the presence of endogenous unemployment risk can create ination and overturn paradoxical properties of the model. We further study financial asset prices and show that non-negligible risk premia emerge. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Sticky prices Incomplete asset markets Matching frictions Multiple equilibria |
| URL | https://cepr.org/publications/dp11696 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540510 |
| 推荐引用方式 GB/T 7714 | Morten Ravn,Vincent Sterk. DP11696 Macroeconomic Fluctuations with HANK & SAM: An Analytical Approach. 2016. |
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