Shocks, Frictions, and Inequality in US Business Cycles
用贝叶斯方法估计了一个包含不完全市场和投资组合选择的异质性主体新凯恩斯模型，发现即使仅用总量数据估计，该模型也能大致再现美国的不平等动态。
We show how a heterogeneous agent New Keynesian (HANK) model with incomplete markets and portfolio choice can be estimated in state space using a Bayesian approach. To render estimation feasible, the structure of the economy can be exploited and the dimensionality of the model automatically reduced based on the Bayesian priors. We apply this approach to analyze how much inequality matters for the business cycle and vice versa. Even when the model is estimated on aggregate data alone and with a set of shocks and frictions designed to match aggregate data, it broadly reproduces observed US inequality dynamics.