MPCs, MPEs, and Multipliers: A Trilemma for New Keynesian Models

被引：17
作者：
Auclert, Adrien [1 ]
Bardoczy, Bence [2 ]
Rognlie, Matthew [2 ]
机构：
[1] Stanford Univ, CEPR, NBER, Stanford, CA 94305 USA
[2] Northwestern Univ, Evanston, IL USA
来源：
REVIEW OF ECONOMICS AND STATISTICS | 2023年 / 105卷 / 03期
关键词：
MONETARY-POLICY; FISCAL-POLICY; NONSEPARABLE PREFERENCES; CONSUMPTION; STIMULUS; SAVINGS; PRICES; SHOCKS; INCOME;
D O I：
10.1162/rest_a_01072
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We show that New Keynesian models with frictionless labor supply face a challenge: given standard parameters, they cannot simultaneously match plausible estimates of marginal propensities to consume (MPCs), marginal propensities to earn (MPEs), and fiscal multipliers. A HANK model with sticky wages provides a solution to this trilemma.
引用
收藏
页码：700 / 712
页数：13
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