CAREER: Macroeconomic Implications of Microeconomic Heterogeneity

将微观经济异质性抽象为宏观经济模型，从根本上改变了对经济的理解。该项目由五个研究问题组成，通过构建与数据紧密相关的宏观经济模型来研究微观层次异质性的宏观经济影响。第一个项目是在考虑汇率的分配影响时理解货币政策的实施。第二个项目侧重于财政和货币政策的最佳使用。第三个项目审查消费者破产制度。第四个项目探讨针对劳动力部门构成的变化进行经济调整。第五个项目按性别和技能类别调查最近青年劳动力就业率下降的情况。该项目的教育组成部分召集研讨会与研究生讲授前沿研究的解决方案方法异质代理模型。这些研究项目的结果将对宏观经济政策产生广泛的影响。该提案包括五个项目，这些项目使用一般均衡模型，并根据微观数据校准异质代理。第一个项目介绍了一个小型开放经济的异质代理新凯恩斯模型。在该模型中，汇率贬值提高了进口价格，降低了真实的收入，从而降低了国内产出和就业。这是一种标准模型中没有的紧缩效应，对货币政策的传导有着深远的影响。第二个项目提供了一个通用的方法来解决的最佳政策反应，在异质代理经济体的总体冲击。第三个项目研究消费者破产制度在一个模式中的自动稳定作用，在这个模式中，消费者面对不完全的市场，可以选择不履行债务。第四个项目建立了一个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。第五个项目是通过能力的异质性来理解劳动力的供给弹性随时间的变化的技能获得模型。该奖项反映了NSF的法定使命，通过使用基金会的智力价值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.