美国商业周期中的冲击、摩擦和不平等

Christian Bayer, Benjamin Born, R. Luetticke
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引用次数: 41

摘要

不平等对商业周期有多大影响,反之亦然?使用贝叶斯似然方法,我们估计了一个具有不完全市场和流动性和非流动性资产之间的投资组合选择的异质代理新凯恩斯(HANK)模型。该模型通过考虑收入风险和税收的冲击,扩大了Smets和Wouters(2007)的冲击和摩擦集。我们发现,增加关于不平等的数据并不能实质性地改变对推动美国商业周期的冲击和摩擦的估计。然而,估计的冲击在很大程度上加剧了美国财富和收入不平等的演变。货币和财政政策的系统性组成部分对不平等也很重要。
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Shocks, Frictions, and Inequality in US Business Cycles
How much does inequality matter for the business cycle and vice versa? Using a Bayesian likelihood approach, we estimate a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice between liquid and illiquid assets. The model enlarges the set of shocks and frictions in Smets and Wouters (2007) by allowing for shocks to income risk and taxes. We find that adding data on inequality does not materially change the estimated shocks and frictions driving the US business cycle. The estimated shocks, however, have significantly contributed to the evolution of US wealth and income inequality. The systematic components of monetary and fiscal policy are important for inequality as well.
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