Understanding HANK: Insights From a PRANK
使用一个可解析的异质性主体新凯恩斯模型，研究了不完全市场如何影响新凯恩斯主义的几个悖论，发现收入风险的周期性是关键：顺周期风险缓解悖论，逆周期风险则加剧悖论，并影响货币政策的有效性和均衡确定性。
Using an analytically tractable heterogeneous agent New Keynesian model, we show that whether incomplete markets resolve New Keynesian “paradoxes” depends on the cyclicality of income risk. Incomplete markets reduce the effectiveness of forward guidance and multipliers in a liquidity trap only with procyclical risk. Countercyclical risk amplifies these “puzzles.” Procyclical risk permits determinacy under a peg; countercyclical risk may generate indeterminacy even under the Taylor principle. By affecting the cyclicality of risk, even “passive” fiscal policy influences the effects of monetary policy.