Macro Musings with David Beckworth cover image

John Roberts on Macroeconomic Modeling at the Fed, Makeup Policy, and the Future of FAIT

Macro Musings with David Beckworth

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Hank Models - Are They Relevant to Central Bankers?

The Hank model is a heterogeneous agent, New Keynesian model. It says that people who live paycheck to paycheck can be poor or even wealthy. The models have some technical difficulties involved with them because you've got lots of different people making decisions. But nonetheless, it's a model that's come in and has shown its value for analyzing fiscal policy.

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