BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Department of Economics | IP Paris - ECPv5.1.3//NONSGML v1.0//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
X-WR-CALNAME:Department of Economics | IP Paris
X-ORIGINAL-URL:https://econ.ip-paris.fr
X-WR-CALDESC:Events for Department of Economics | IP Paris
BEGIN:VTIMEZONE
TZID:Europe/Helsinki
BEGIN:DAYLIGHT
TZOFFSETFROM:+0200
TZOFFSETTO:+0300
TZNAME:EEST
DTSTART:20170326T010000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:+0300
TZOFFSETTO:+0200
TZNAME:EET
DTSTART:20171029T010000
END:STANDARD
END:VTIMEZONE
BEGIN:VEVENT
DTSTART;TZID=Europe/Helsinki:20171019T140000
DTEND;TZID=Europe/Helsinki:20171019T153000
DTSTAMP:20260415T034227
CREATED:20171012T145657Z
LAST-MODIFIED:20171012T145657Z
UID:11943-1508421600-1508427000@econ.ip-paris.fr
SUMMARY:Florin Bilbiie (Paris School of Economics) - "The New Keynesian Cross: Understanding Monetary Policy and Forward Guidance with Heterogeneous Households"
DESCRIPTION:The Malinvaud-Adres Seminars: Every Thursday at 2:00 pm\nTime: 2:00 pm – 3:30 pm\nDate: 19th of October 2017\nPlace: Room 3001\nFlorin Bilbiie (Paris School of Economics) – “The New Keynesian Cross: Understanding Monetary Policy and Forward Guidance with Heterogeneous Households”.\nAbstract:  The New Keynesian Cross describes aggregate demand through a planned expenditure PE\ncurve and captures a key amplification mechanism and decomposition of heterogeneous-agent\nNew Keynesian (HANK) models à la Kaplan\, Moll and Violante\, 2015. In response to monetary\npolicy\, PE’s shift is the direct effect (intertemporal substitution)\, while its slope (marginal\npropensity to consume) is the share of the indirect effect in total. There is amplification\n(dampening) when hand-to-mouth’s income elasticity to aggregate is more (less) than unity;\nThis elasticity depends chiefly on income (including fiscal re-distribution. The effects are\nmagnified by self-insurance when households are hand-to-mouth only occasionally: the\naggregate Euler equation now features discounting (McKay\, Nakamura and Steinsson\, 2015)\nwhen the elasticity of hand-to-mouth income to aggregate is lower than unity\, but compounding\nwhen larger. This matters most for forward guidance (FG)\, whose power is reduced in the\nformer case\, thus resolving the “FG puzzle” (Del Negro et al\, 2013) – but amplified in the latter\n(Werning\, 2015)\, thus aggravating the puzzle.\nOrganizer:\nEdouard CHALLE (CREST – École Polytechnique) \n
URL:https://econ.ip-paris.fr/event/florin-bilbiie-paris-school-of-economics-the-new-keynesian-cross-understanding-monetary-policy-and-forward-guidance-with-heterogeneous-households/
CATEGORIES:Economics,Malinvaud-Adres Seminars
END:VEVENT
END:VCALENDAR