MONETARY POLICY IN A NON‐REPRESENTATIVE AGENT ECONOMY: A SURVEY
这篇综述梳理了异质性主体模型在货币政策分析中的主要实证和规范发现，涵盖家庭收入、偏好、年龄、预期以及企业生产率和财务状况的异质性，并指出代表性主体框架无法研究的问题。
Abstract It is well known that central bank policies affect not only macroeconomic aggregates, but also their distribution across economic agents. Similarly, a number of papers demonstrated that heterogeneity of agents may matter for the transmission of monetary policy to macro variables. Despite this, the mainstream monetary economics literature has so far been dominated by dynamic stochastic general equilibrium models with representative agents. This paper aims to tilt this imbalance towards heterogeneous agents setups by surveying the main positive and normative findings of this line of the literature, and suggesting areas in which these models could be implemented. In particular, we review studies that analyse the heterogeneity of (i) households’ income, (ii) households’ preferences, (iii) consumers’ age, (iv) expectations and (v) firms’ productivity and financial position. We highlight the results on issues that, by construction, cannot be investigated in a representative agent framework and discuss important papers modifying the findings from the representative agent literature.