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The New Keynesian Cross: Understanding Monetary Policy and Forward Guidance with Heterogeneous Households

Florin Bilbiie (Paris School of Economics)

demain  -  11:30-13:00, salle Extranef 109

he New Keynesian Cross describes aggregate demand through a planned expenditure PE curve and captures a key amplification mechanism and decomposition of heterogeneous-agent New Keynesian (HANK) models à la Kaplan, Moll and Violante, 2015. In response to monetary policy, PE’s shift is the direct effect (intertemporal substitution), while its slope (marginal propensity to consume) is the share of the indirect effect in total. There is amplification (dampening) when hand-to-mouth’s income elasticity to aggregate is more (less) than unity; This elasticity depends chiefly on income (including fiscal re-distribution. The effects are magnified by self-insurance when households are hand-to-mouth only occasionally: the aggregate Euler equation now features discounting (McKay, Nakamura and Steinsson, 2015) when the elasticity of hand-to-mouth income to aggregate is lower than unity, but compounding when larger. This matters most for forward guidance (FG), whose power is reduced in the former case, thus resolving the "FG puzzle" (Del Negro et al, 2013) - but amplified in the latter
(Werning, 2015), thus aggravating the puzzle.

Liste des prochaines séances

demain The New Keynesian Cross: Understanding Monetary Policy and Forward Guidance with Heterogeneous Households
Florin Bilbiie (Paris School of Economics)
11:30-13:00, salle Extranef 109

click here [↓] to go to the attached pdf

Plus d'information
20 décembre 2017 Seminar CANCELLED and postponed to May 30, 2018 - Eduardo Morales (Princeton University)
Host(s): Frederic Robert-Nicoud

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21 février 2018 Jean-Robert Tyran (University of Vienna)
Host(s): Adrian Bruhin
11:00-12:30, salle Extranef 109

click here [↓] to go to the attached pdf
1er mars 2018 Andrea Ichino (EUI Florence)
Host(s): Elena Esposito
11:00-12:30

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8 mars 2018 Nicola Gennaioli (Bocconi University)
Host(s): Dominic Rohner
11:00-12:30, salle Extranef 125

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21 mars 2018 Yves Sprumont (Université de Montréal)
Host(s): Bettina Klaus
11:00-12:30, salle Extranef 109

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19 avril 2018 Nicole Maestas (Harvard University)
Host(s): Jürgen Maurer
11:00-12:30, salle Extranef 109

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31 mai 2018 Monika Piazzesi (Stanford University)
Host(s): Jean-Paul Renne
11:00-12:30, salle Extranef 109

click here [↓] to go to the attached pdf
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