A Further Look at the Propagation of Monetary Policy Shocks in HANK
研究了异质性代理人新凯恩斯模型中不同因素如何放大或减弱货币政策冲击对总消费的影响，发现资本调整成本不影响总反应但改变传导机制，劳动收入不平等的影响取决于数据和方法，垄断利润分配规则和财政反应假设有显著作用。
Abstract We provide quantitative guidance on whether and to what extent different elements of Heterogeneous Agent New Keynesian (HANK) models amplify or dampen the response of aggregate consumption to a monetary policy shock. We emphasize four findings. First, the introduction of capital adjustment costs does not affect the aggregate response, but does change the transmission mechanism so that a larger share of indirect effects originates from equity prices rather than from labor income. Second, incorporating estimated unequal incidence functions for aggregate labor income fluctuations leads to either amplification or dampening, depending on the data and estimation methods. Third, distribution rules for monopoly profits that allocate a larger share to liquid assets lead to greater amplification. Fourth, assumptions about the fiscal reaction to a monetary policy shock have a stronger effect on the aggregate consumption response than any of the other three elements.