CAREER: Macroeconomic Implications of Microeconomic Heterogeneity

摘要将微观经济异质性纳入宏观经济模型，从根本上改变了人们对经济的理解。这个项目由五个研究问题组成，通过建立与数据紧密相关的宏观经济模型来考察微观层面异质性对宏观经济的影响。第一个项目是在考虑汇率的分配影响时理解货币政策的行为。第二个项目侧重于财政和货币政策的优化使用。第三个项目考察了消费者破产制度。第四个项目探讨了对劳动力部门构成变化的经济调整。第五个项目按性别和技能类别调查最近年轻劳动力就业人数的下降情况。该项目的教育部分与研究生一起召开研讨会，教授关于异类代理模型解决方法的前沿研究。这些研究项目的发现将对宏观经济政策产生广泛影响。该提案由五个项目组成，这些项目使用一般均衡模型，不同的因素根据微观数据进行校准。第一个项目介绍了一个小型开放经济体的异质主体--新凯恩斯主义模型。在该模型中，汇率贬值提高了进口价格，降低了实际收入，进而降低了国内产出和就业。这是标准模型所不存在的收缩效应，对货币政策的传导具有深远影响。第二个项目提供了一种一般方法来解决不同主体经济体中针对总体冲击的最优政策反应。第三个项目研究了消费者破产制度在一个模型中的自动稳定器作用，在这个模型中，消费者面临着不完整的市场，可以选择债务违约。第四个项目构建了一个带有调整成本的劳动力供给动态模型，以研究部门需求冲击的影响。第五个项目使用了一个能力异质性的技能获取模型，以了解观察到的按性别和技能组划分的劳动力供应弹性随时间的变化。该奖项反映了NSF的法定使命，并通过使用基金会的智力优势和更广泛的影响审查标准进行评估，被认为值得支持。

AbstractIncorporating microeconomic heterogeneity into macroeconomic models radically changes the understanding of the economy. This project consists of five research questions that examine macroeconomic implications of micro-level heterogeneity by building macroeconomic models that can be tightly connected to data. The first project is on understanding the conduct of monetary policy when the distributive implications of exchange rates is taken into account. The second project focuses on the optimal use of fiscal and monetary policy. The third project examines the consumer bankruptcy system. The fourth project explores economic adjustments to shifts in the sectoral composition of workforce. The fifth project investigates the recent decline in the employment of the young workforce by gender and skill group. The educational component of the project convenes workshops with graduate students to teach frontier research on solution methods for heterogeneous-agent models. The findings from these research projects will have broad implications for macroeconomic policy.The proposal consists of five projects that use general equilibrium models with heterogeneous agents calibrated to micro data. The first project introduces a Heterogenous-Agent New Keynesian model of a small open economy. In the model, exchange rate depreciations increase import prices and lower real income, which can in turn lower domestic output and employment. This is a contractionary effect absent in standard models with profound implications for the transmission of monetary policy. The second project provides a general method to solve for the optimal policy response to aggregate shocks in heterogeneous-agent economies. The third project studies the automatic stabilizer role of the consumer bankruptcy system in a model in which consumers face incomplete markets with an option to default on their debts. The fourth project builds a dynamic model of labor supply with adjustment costs to study the effects of sectoral demand shocks. The fifth project uses a model of skill acquisition with heterogeneity in ability to understand the observed changes over time in the elasticity of labor supply of the workforce by gender and skill group.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.