Microeconomic Heterogeneity and Macroeconomic Shocks

Volume: 32, Issue: 3, Pages: 167 - 194
Published: Aug 1, 2018
Abstract
In this essay, we discuss the emerging literature in macroeconomics that combines heterogeneous agent models, nominal rigidities, and aggregate shocks. This literature opens the door to the analysis of distributional issues, economic fluctuations, and stabilization policies—all within the same framework. In response to the limitations of the representative agent approach to economic fluctuations, a new framework has emerged that combines key...
Paper Details
Title
Microeconomic Heterogeneity and Macroeconomic Shocks
Published Date
Aug 1, 2018
Volume
32
Issue
3
Pages
167 - 194
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