Paper models monetary policy in a ‘Hank’ framework

Risk modelling

In a new paper, economists set out a modelling framework that seeks to reconcile elements of the heterogeneous-agent and representative-agent literatures, uncovering important insights into the monetary transmission mechanism.

Adrien Auclert, Matthew Rognlie and Ludwig Straub note the representative literature tends to be characterised by “hump” shaped impulse responses consistent with “macro moments”. This reflects the view that monetary policy can have little immediate impact on real activity

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