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MPCs, MPEs and Multipliers: A Trilemma for New Keynesian Models
NBER 2020.07.15 원문보기
We establish an impossibility result for New Keynesian models with a frictionless labor market: these models 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.
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