Periodic Reporting for period 2 - HEMPEF (Heterogeneity, Monetary Policy and Economic Fluctuations)
Periodo di rendicontazione: 2022-01-01 al 2023-06-30
- “Idiosyncratic Income Risk and Aggregate Fluctuations” (with D. Debortoli)
- “Monetary Policy with Heterogeneous Agents: Insights from Tank Models” (with D. Debortoli)
- “Monetary Policy and Endogenous Financial Crises” (with F. Boissay, F. Collard and C. Manea)
With D. Debortoli we have started to analyze micro data to gather empirical evidence regarding the relation between the wealth and consumption uncertainty.
I have presented the working papers at several conferences and seminars.
Together with my coauthors we plan to submit polished versions of these papers to top journals and to use some of the existing platforms (voxeu.org etc) to disseminate its main findings.
a) to evaluate the extent to which versions of the representative-agent New Keynesian model that currently dominate the analysis in academic and policy circles remains valid as frameworks for understanding aggregate fluctuations and their interaction with macro policies.
b) to develop tractable alternatives to the representative agent NK model that incorporate the main channels and mechanisms through which heterogeneity affects aggregate fluctuations in actual economies.
Needless to say, addressing these questions needs a collective effort that currently involves dozens of researchers, mostly in Europe and the US, and to which I hope to contribute significantly through the research funded by my ERC grant. What is clear is that the answer to the previous questions will shape macroeconomics over the next decades.