Inequality, Business Cycles, and Monetary‐Fiscal Policy
研究异质性主体、不完全市场和新凯恩斯模型中的最优货币与财政政策，发现最优政策对总冲击的反应与代表性主体经济有质的差异且幅度大一个数量级，提供保险的动机超过价格稳定动机。
We study optimal monetary and fiscal policies in a New Keynesian model with heterogeneous agents, incomplete markets, and nominal rigidities. Our approach uses small‐noise expansions and Fréchet derivatives to approximate equilibria quickly and efficiently. Responses of optimal policies to aggregate shocks differ qualitatively from what they would be in a corresponding representative agent economy and are an order of magnitude larger. A motive to provide insurance that arises from heterogeneity and incomplete markets outweighs price stabilization motives.