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Adrien Auclert
Working Papers

MPCs, MPEs and Multipliers: A Trilemma for New Keynesian Models

Adrien Auclert, Bence Bardóczy, Matthew Rognlie
NBER, 2020 July 31, 2020

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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Working Papers

Using the Sequence-Space Jacobian to Solve and Estimate Heterogeneous-Agent Models

Adrien Auclert, Bence Bardóczy, Matthew Rognlie, Ludwig Straub
NBER, 2019 July 31, 2019

We propose a general and highly efficient method for solving and estimating general equilibrium heterogeneous-agent models with aggregate shocks in discrete time. Our approach relies on the rapid computation and composition of sequence-space Jacobians—the derivatives of perfect-foresight equilibrium mappings between aggregate sequences around the steady state.

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Working Papers

The Intertemporal Keynesian Cross

Adrien Auclert, Matthew Rognlie, Ludwig Straub
NBER Working Paper, 2018 September 30, 2018

We demonstrate the importance of intertemporal marginal propensities to consume (iMPCs) in disciplining general equilibrium models with heterogeneous agents and nominal rigidities. In a benchmark case, the dynamic response of output to a change in the path of government spending or taxes is given by an equation involving iMPCs, which we call the intertemporal Keynesian cross. Fiscal multipliers depend only on the interaction between iMPCs and public deficits.

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