Incomplete Markets and Aggregate Demand

By I. Werning. 2015

212 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/eb7992a969d8667ef1a41328561313328960d540

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Citations in the corpus

CENTRAL BANK POLICIES AND INCOME AND WEALTH INEQUALITY: A SURVEY (2019, unknown): “8 However, recent studies have revisited the inﬂuential conclusion of KS. Focusing on the transmission of monetary policy, two key contributions are those by Werning (2015) and Kaplan et al. (2018).”
Monetary Policy and the Redistribution Channel (2017, unknown): “This important neutrality result is studied in Werning (2015).”
The Discounted Euler Equation: A Note (2016, background): “…this stylized model is that the income and consumption of the high types is more cyclically sensitive than the income and consumption of the low types (Werning 2015).7 Recent work by Guvenen et al. (2014) shows that top incomes rise substantially more than average incomes in expansions in the USA.”
The New Keynesian cross (2020, background): “Werning (2015) uses a model with general income processes and market incompleteness to study the e¤ects of monetary policy.”
Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages? (2020, background): “There is also a number of early policy-oriented papers that have advocated for various forms of fiscal support in response to COVID-19. Some that have formulated arguments related to our analysis of fiscal policy in Section II and to our analysis of the costs of match destruction in Section IV inclu”
Monetary Policy and Heterogeneity: An Analytical Framework (2018, unknown): “This captures in a simple way the different channel emphasized by Werning (2015) and studied in isolation in a different simplified-HANK setup (with CARA preferences) by Acharya and Dogra (2018).”
The State of New Keynesian Economics: A Partial Assessment (2018, background): “Werning (2015) develops a general framework to identify some of the channels through which heterogeneity and incomplete markets imply a departure from the aggregate implications of the standard representative agent approach. For example, he first considers an economy with idiosyncratic risk but no b”
Monetary Policy According to HANK (2018, unknown): “11Rather than assuming that wages and prices are perfectly rigid, our equilibrium could be viewed as a “demand-side equilibrium” as in Werning (2015).”
Transmission of Monetary Policy with Heterogeneity in Household Portfolios (2018, background): “5See Guerrieri and Lorenzoni (2011), Oh and Reis (2012), Gornemann et al. (2012), Ravn and Sterk (2013), Den Haan et al. (2014), Auclert (2015), Bayer et al. (2015), Werning (2015), McKay and Reis (2016), McKay et al. (2016), and Kaplan et al. (2016).”
The Mortgage Credit Channel of Macroeconomic Transmission (2016, unknown): “uj,t ≡ ∂u(cj,t, nj,t, hj,t) ∂cj,t (17)Werning (2015) documents that under log preferences (as used here), and certain assumptions regarding the structure of idiosyncratic shocks, an incomplete markets economy with idiosyncratic risk can yield an aggregation consistent with a representative agent’s E”