Transcription of Monetary Policy According to HANK
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Monetary Policy According to HANK
American Economic Review 2018, 108(3): 697 743 * Kaplan: Department of Economics, University of Chicago, Saieh Hall, 5757 S. University Avenue, Chicago, IL 60637, and NBER (email: Moll: Department of Economics, Princeton University, Julis Romo Rabinowitz Building, Princeton, NJ 08542, and NBER (email: Violante: Department of Economics, Princeton University, Julis Romo Rabinowitz Building, Princeton, NJ 08542, CEPR, and NBER (email: This paper was accepted to the AER under the guidance of John Leahy, Coeditor. We thank Yves Achdou, Mark Aguiar, Fernando Alvarez, Adrien Auclert, Jess Benhabib, Luca Dedola, Emmanuel Farhi, Mark Gertler, Narayana Kocherlakota, Keith Kuester, David Lagakos, Emi Nakamura, Larry Schmidt, J n Steinsson, Mirko Wiederholt, and seminar participants at various institutions.)))
VOL. 108 NO. 3 KAPLAN ET AL.: MONETARY POLICY ACCORDING TO HANK 699 within a framework that offers a better representation of household consump - tion and household finances than RANK.
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