TY  - BOOK
AU  - Auclert,Adrien
AU  - Rognlie,Matthew
AU  - Straub,Ludwig
ED  - National Bureau of Economic Research.
TI  - Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model 
T2  - NBER working paper series
PY  - 2020///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - January 2020; Hardcopy version available to institutional subscribers
N2  - We estimate a Heterogeneous-Agent New Keynesian model with sticky household expectations that matches existing microeconomic evidence on marginal propensities to consume and macroeconomic evidence on the impulse response to a monetary policy shock. Our estimated model uncovers a central role for investment in the transmission mechanism of monetary policy, as high MPCs amplify the investment response in the data. This force also generates a procyclical response of consumption to investment shocks, leading our model to infer a central role for these shocks as a source of business cycles
UR  - https://www.nber.org/papers/w26647
UR  - http://dx.doi.org/10.3386/w26647
ER  -