Intensive and Extensive Margins of Labor Supply in HANK: Aggregate and Disaggregate Implications
研究劳动供给的集约边际（调整工作时间）和广延边际（调整就业状态）如何影响货币政策的总量效应和收入不平等，发现即使总量反应相似，不同边际主导时对收入不平等的影响显著不同。
Abstract This paper studies how adjustment along intensive and extensive margins of labor supply affects aggregate and disaggregate effects of monetary policy. To this end, I develop a heterogeneous‐agent New Keynesian (HANK) economy where a nonlinear mapping from hours worked into labor services generates operative adjustment along intensive and extensive margins of labor supply. I find that monetary policy has significantly different effects on earnings inequality, depending on the extent to which margin is dominant, even if it generates similar aggregate responses.