| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11989 |
| DP11989 The New Keynesian Cross | |
| Florin Bilbiie | |
| 发表日期 | 2017-04-23 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 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. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Heterogeneity Aggregate demand Keynesian cross monetary policy Fiscal multipliers Redistribution Forward guidance Hank Tank |
| URL | https://cepr.org/publications/dp11989 |
| 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/540801 |
| 推荐引用方式 GB/T 7714 | Florin Bilbiie. DP11989 The New Keynesian Cross. 2017. |
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