Unconventional Monetary Policy According to HANK

Eric Sims · Jing Cynthia Wu

10 citations0/0 files storedNational Bureau of Economic Research

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

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.

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References

1993Discretion versus policy rules in practice 2005The Cyclical Behavior of Equilibrium Unemployment and Vacancies 1998Numerical Methods in Economics 2010A model of unconventional monetary policy 1998Income and Wealth Heterogeneity in the Macroeconomy 2001Fiscal Requirements for Price Stability 2019Monetary Policy and the Redistribution Channel 2016The Power of Forward Guidance Revisited

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