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Adrien Auclert
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Publisher: Journals Gateway
The Review of Economics and Statistics (2023) 105 (3): 700–712.
Published: 09 May 2023
Abstract
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We show that New Keynesian models with frictionless labor supply face a challenge: given standard parameters, they cannot simultaneously match plausible estimates of marginal propensities to consume (MPCs), marginal propensities to earn (MPEs), and fiscal multipliers. A HANK model with sticky wages provides a solution to this trilemma.
Includes: Supplementary data