MPCs, MPEs, and Multipliers: A Trilemma for New Keynesian Models
研究发现，标准参数下新凯恩斯模型无法同时匹配边际消费倾向、边际收入倾向和财政乘数的合理估计，而引入工资粘性的HANK模型可解决这一三难困境。
Abstract We show that New Keynesian models with frictionless labor supply face a challenge: given standard parameters, they cannot simultaneously match plausible estimates of marginal propensities to consume (MPCs), marginal propensities to earn (MPEs), and fiscal multipliers. A HANK model with sticky wages provides a solution to this trilemma.