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Unconventional Monetary Policy According to HANK / Eric R. Sims, Jing Cynthia Wu, Ji Zhang.
- Format:
- Book
- Author/Creator:
- Sims, Eric R.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w30329.
- NBER working paper series no. w30329
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2022.
- Summary:
- This paper studies the implications of household heterogeneity for the effectiveness of quantitative easing (QE). We consider a heterogeneous agent New Keynesian (HANK) model with uninsurable household income risk. Financial intermediaries are subject to an endogenous leverage constraint that allows QE to matter. We find that macro aggregates react very similarly to a QE shock in the HANK model compared to a representative agent (RANK) version of the model. This finding is robust across different micro- and macro- distributions of wealth.
- Notes:
- Print version record
- August 2022.
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