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- W2973133189 abstract "New Keynesian (NK) models with heterogeneous agents (HA) can deliver aggregate-demand amplification (monetary-fiscal multipliers and deep recessions) through a New Keynesian Cross---but only if hand-to-mouth's income elasticity to aggregate is larger than one. This gives static amplification through the within-the-period elasticity of aggregate demand to policies. A dynamic, complementary self-insurance magnifies the effects when households are hand-to-mouth only occasionally: the aggregate Euler equation features discounting when the elasticity is lower than one, but compounding when larger. The former channel matters most for short-lived shocks, the latter for persistent or future news. Yet amplification has a dark side: the very same condition that delivers it also aggravates the NK troubles (the forward guidance puzzle, neo-Fisherian effects, and the paradox of flexibility) and creates new ones (insufficiency of the Taylor principle and a paradox of thrift). Phrased positively: adding HA can solve all these NK troubles, but that also rules out amplification and multipliers---a Catch-22." @default.
- W2973133189 created "2019-09-19" @default.
- W2973133189 creator A5055316650 @default.
- W2973133189 date "2018-01-01" @default.
- W2973133189 modified "2023-09-27" @default.
- W2973133189 title "A Catch-22 for HANK Models: No Puzzles, No Amplification" @default.
- W2973133189 hasPublicationYear "2018" @default.
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