A HANK2 model of monetary unions

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2024-03-27 DOI:10.1016/j.jmoneco.2024.103579

引用次数: 0

Abstract

How does a monetary union alter the impact of business cycle shocks at the household level? We develop a Heterogeneous Agent New Keynesian model of two countries (HANK $^{2}$ ) and show in closed form that a monetary union shifts the adjustment to a shock horizontally across countries, within the brackets of the union-wide wealth distribution, rather than vertically, that is, across the brackets of the union-wide wealth distribution. Calibrating the model to the euro area reveals that a monetary union alters the impact of shocks most strongly in the tails of the wealth distribution but leaves the middle class almost unaffected.

查看原文本刊更多论文

货币联盟的 HANK2 模型

货币联盟如何改变商业周期冲击对家庭的影响？我们建立了一个两国异质代理新凯恩斯主义模型（HANK2），并以封闭形式表明，货币联盟会横向改变各国对冲击的调整，即在联盟范围内财富分布的括号内，而不是纵向改变，即在联盟范围内财富分布的括号内。将模型校准到欧元区后发现，货币联盟对财富分布尾部的冲击影响最大，但对中产阶级几乎没有影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.