조대하 교수

This paper uses an estimated Heterogeneous Agent New Keynesian (HANK) model to evaluate the quantitative importance of two channels in driving aggregate consumption fluctuations in the US: (i) precautionary savings against unemployment risk and (ii) MPC heterogeneity. I find that MPC heterogeneity is the dominant channel because a large fraction of households are close to the borrowing limit. The empirical average MPC target in HANK generates counterfactually volatile aggregate consumption, and

Complete financial markets are widely believed to be beneficial for the international economy, since they enable cross-country risk-sharing. Using a two-country New Keynesian model , we show that this is not the case if the source of income fluctuations is a country-specific markup shock. When preferences involve the wealth effect on labor supply and imply that Home and Foreign goods are Edgeworth substitutes, the absence of risk-sharing in autarky acts like a favorable markup shock, reducing th

Abstract This paper quantitatively examines which of the following three widely-used leaning-against-the-wind policies is effective in stabilizing aggregate fluctuations: i) a monetary policy that responds to the loan-to-GDP ratio, ii) a countercyclical LTV policy, and iii) a countercyclical capital requirement policy. In particular, we estimate a New Keynesian model with financial frictions using U.S. data and find that a monetary policy rule that responds positively to the loan-to-GDP ratio Am

This paper departs from the representative-agent assumption and investigates how optimal monetary policy should be conducted in a two-agent New Keynesian (TANK) model. Relative to a price stability motive that typically appears as policy prescriptions in representative-agent New Keynesian (RANK) models, heterogeneity adds a motive to spread aggregate fluctuations equally across all households. We show that the latter motive hinges on how fiscal transfers are implemented with the business cycle.

This paper studies the implications of financial frictions on the welfare effects of business cycles, using the agency cost model of Carlstrom and Fuerst (1997). We decompose the total welfare effects of business cycles into the fluctuation and mean effect. We find that whether financial frictions reduce the total welfare or not, for any given shock, depends on the size of the mean effect. The presence of financial frictions reduces the mean effect and thus the welfare in response to aggregate p