Macro reading group 2020

本学期宏观讨论班将以HANK为主题，每两周周一下午2点半在金融系会议室（B255）进行。由于技术性较强，面向对象为金融系教师和博士生；本科、硕士有兴趣旁听者请提前向我邮件申请。

讨论班安排

1. 9月28日，刘岩，报告内容：RANK存在问题，TANK介绍；参考资料 Bilbiie-THANK Download
2. 10月12日，刘岩，报告内容：THANK介绍；参考资料 Bilbiie-THANK Download
3. 10月27日，熊琛，报告内容：Bewley模型；参考资料 pdf Download
4. 11月9日，熊琛，报告内容：Krusell-Smith模型；参考资料 pdf Download
5. 12月3日，周上尧，报告内容：Bayer, Born, and Luetticke (2020)，HANK版Smets and Wouters (2007)；参考资料 pdf Download
6. 12月14日，周上尧，报告内容：Bayer and Luetticke (2020)，离散时间HANK近似求解方法；参考资料 pdf Download
7. 1月13日，邹振涛，报告内容：Kaplan, Moll, and Violante (2018)，连续时间HANK；参考资料 pdf Download

主要文献

HANK综述及微观数据基础

1. Florin O. Bilbiie (2020) The New Keynesian Cross. Journal of Monetary Economics, 114, 90 – 108. pdf Download
2. Davide Debortoli, Jordi Galí (2018) Monetary Policy with Heterogeneous Agents: Insights from TANK models. Working Paper. pdf Download
3. Gauti B. Eggertsson, Paul Krugman (2012) Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach. Quarterly Journal of Economics, 127 (3), 1469 – 1513. pdf Download

HANK主要文献：封闭经济

1. Alisdair McKay, Ricardo Reis (2016) The Role of Automatic Stabilizers in the U.S. Business Cycle. Econometrica, 84 (1), 141 – 194. pdf Download
2. Alisdair McKay, Emi Nakamura, Jón Steinsson (2016) The Power of Forward Guidance Revisited. American Economic Review, 106 (10), 3133 – 58. pdf Download
3. Veronica Guerrieri, Guido Lorenzoni (2017) Credit Crises, Precautionary Savings, and the Liquidity Trap. Quarterly Journal of Economics, 132 (3), 1427 – 1467. pdf Download
4. Greg Kaplan, Benjamin Moll, Giovanni L. Violante (2018) Monetary Policy According to HANK. American Economic Review, 108 (3), 697 – 743. pdf Download
5. Adrien Auclert (2019) Monetary Policy and the Redistribution Channel. American Economic Review, 109 (6), 2333 – 67. pdf Download
6. Christian Bayer, Ralph Luetticke, Lien Pham-Dao, Volker Tjaden (2019) Precautionary Savings, Illiquid Assets, and the Aggregate Consequences of Shocks to Household Income Risk. Econometrica, 87 (1), 255 – 290. pdf Download
7. Christian Bayer, Benjamin Born, Ralph Luetticke (2020) Shocks, Frictions, and Inequality in US Business Cycles. CEPR Discussion Paper. pdf Download
8. [NEW] Felipe Alves, Greg Kaplan, Benjamin Moll, Giovanni L. Violante (2020) A Further Look at the Propagation of Monetary Policy Shocks in HANK. Journal of Money, Credit and Banking, 52 (S2), 521–559. pdf Download

HANK主要文献：开放经济

1. Sergio de Ferra, Kurt Mitman, Federica Romei (2020) Household Heterogeneity and the Transmission of Foreign Shocks. Journal of International Economics, 124, 103303. pdf Download

HANK主要文献：最优政策

1. Alisdair McKay, Ricardo Reis (2020) Optimal Automatic Stabilizers. Review of Economic Studies, forthcoming. pdf Download

异质性个体量化宏观模型理论基础与数值求解

1. S. Rao Aiyagari (1994) Uninsured Idiosyncratic Risk and Aggregate Saving. Quarterly Journal of Economics, 109 (3), 659 – 684. pdf Download
2. Mark Huggett (1993) The Risk-free Rate in Heterogeneous-Agent Incomplete-Insurance Economies. Journal of Economic Dynamics and Control, 17 (5-6), 953 – 969. pdf Download
3. Per Krusell, Anthony A. Smith Jr. (1998) Income and Wealth Heterogeneity in the Macroeconomy. Journal of Political Economy, 106 (5), 867 – 896. pdf Download
4. Fatih Guvenen (2011) Macroeconomics with Hetereogeneity: A Practical Guide. Economic Quarterly, 97 (3), 255 – 326. pdf Download
5. Michael Reiter (2009) Solving Heterogeneous-agent Models by Projection and Perturbation. Journal of Economic Dynamics and Control, 33 (3), 649 – 665. pdf Download
6. Timo Boppart, Per Krusell, Kurt Mitman (2018) Exploiting MIT Shocks in Heterogeneous-Agent Economies: The Impulse Response as a Numerical Derivative. Journal of Economic Dynamics and Control, 89, 68 – 92. pdf Download
7. Christian Bayer, Ralph Luetticke (2020) Solving Heterogeneous Agent Models in Discrete Time with Many Idiosyncratic States by Perturbation Methods. Quantitative Economics, 11 (4), 1253 – 1288. pdf Download
8. Yves Achdou, Jiequn Han, Jean-Michel Lasry, Pierre-Louis Lions, Benjamin Moll (2020) Income and Wealth Distribution in Macroeconomics:A Continuous-Time Approach. Review of Economic Studies, forthcoming. pdf Download