Active vs. passive policy and the trade-off between output and inflation in HANK

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2025-04-01 DOI:10.1016/j.jmoneco.2025.103732

Noah Kwicklis

引用次数: 0

Abstract

When fiscal policy is active and monetary policy is passive in a heterogeneous agent New Keynesian (HANK) model, deficit-financed transfers to low-asset households lead to similar cumulative inflation but greater increases in real output than transfers to wealthier households. I use the inverse of the “Phillips multiplier”, the price level sacrifice ratio, to quantify this dynamic. Household heterogeneity and targeted policy change the timing of output gaps, making this consistent with the Phillips Curve and rendering conventional sacrifice ratio intuition misleading for assessing the inflation/output trade-off between policies.

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HANK中主动与被动政策以及产出与通胀之间的权衡

在异质代理新凯恩斯（HANK）模型中，当财政政策是积极的而货币政策是被动的，赤字融资转移到低资产家庭会导致类似的累积通货膨胀，但实际产出的增长比转移到富裕家庭更大。我使用“菲利普斯乘数”的倒数，即价格水平牺牲比率来量化这种动态。家庭异质性和有针对性的政策改变了产出缺口的时间，使其与菲利普斯曲线一致，并使传统的牺牲率直觉在评估政策之间的通胀/产出权衡时具有误导性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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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.