| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14364 |
| DP14364 Shocks, Frictions, and Inequality in US Business Cycles | |
| Christian Bayer; Benjamin Born; Ralph Luetticke | |
| 发表日期 | 2020-02-26 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. Even when the model is estimated on aggregate data only and with only a set of shocks and frictions along the lines of Smets and Wouters (2007), it reproduces observed US inequality dynamics. In other words, the model is successful in simultaneously accounting for cycle and distribution. Output stabilization via monetary or fiscal policy also stabilizes inequality. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Incomplete markets Business cycles Monetary and fiscal policy Bayesian estimation Wealth inequality Income inequality |
| URL | https://cepr.org/publications/dp14364-0 |
| 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/543343 |
| 推荐引用方式 GB/T 7714 | Christian Bayer,Benjamin Born,Ralph Luetticke. DP14364 Shocks, Frictions, and Inequality in US Business Cycles. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
