مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

Persian Verion
Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

video

Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

sound

Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

Persian Version

Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

View:

231
Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

Download:

0
Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

Cites:

Information Journal Paper

Title

Behavioral Pattern of Heterogeneous Agent and Optimal Monetary Policy for Solving Heterogeneous Expectation Model

Pages

  19-47

Keywords

Heterogeneous Agent New Keynesian Model (HANK)Q1
Representative Agent New Keynesian Model (RANK)Q1

Abstract

 The use of agent-based models on the heterogeneous behavior of agents has expanded considerably over the past years. This paper investigates the model based on the behavior of agents and considers the heterogeneity of agent models. In this study, we examine the effect of different forming of individuals' Expectations on macroeconomic variables and the re-distributional effects of Monetary Policy. This paper revisit the transmission mechanism from Monetary Policy to household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of wealth and marginal propensities to consume because of two features: uninsurable income shocks and multiple assets with different degrees of liquidity and different returns. In this model, the indirect effects of an unexpected Monetary Policy, which operate through a general equilibrium increase in labor demand, far outweigh direct effects such as intertemporal substitution. This finding is in Representative Agent New Keynesian (RANK) economies, where the substitution channel drives virtually all of the transmission from Monetary Policy to consumption then failure of Ricardian equivalence implies that, in HANK models, the fiscal reaction to the monetary expansion is a key determinant of the overall size of the macroeconomic response. The results indicate that under Discretionary circumstances, the attempt of the monetary authority to redistribute wealth to the borrower's households, which have a higher utility of net wealth than the other households, leads to changes in inflationary biases. However, under commitment circumstances, this inflationary pressure will be offset by changes in Expectations for future inflation over time.

Cites

  • No record.

    • References

  • No record.

    • Cite

    APA: Copy

    GUDARZI FARAHANI, Y., KHALILI ARAGHI, M., Gourji, E., & BARKHORDARI, S.. (2020). Behavioral Pattern of Heterogeneous Agent and Optimal Monetary Policy for Solving Heterogeneous Expectation Model. JOURNAL OF APPLIED ECONOMICS STUDIES IN IRAN, 8(32 ), 19-47. SID. https://sid.ir/paper/387341/en

    Vancouver: Copy

    GUDARZI FARAHANI Y., KHALILI ARAGHI M., Gourji E., BARKHORDARI S.. Behavioral Pattern of Heterogeneous Agent and Optimal Monetary Policy for Solving Heterogeneous Expectation Model. JOURNAL OF APPLIED ECONOMICS STUDIES IN IRAN[Internet]. 2020;8(32 ):19-47. Available from: https://sid.ir/paper/387341/en

    IEEE: Copy

    Y. GUDARZI FARAHANI, M. KHALILI ARAGHI, E. Gourji, and S. BARKHORDARI, “Behavioral Pattern of Heterogeneous Agent and Optimal Monetary Policy for Solving Heterogeneous Expectation Model,” JOURNAL OF APPLIED ECONOMICS STUDIES IN IRAN, vol. 8, no. 32 , pp. 19–47, 2020, [Online]. Available: https://sid.ir/paper/387341/en

    Related Journal Papers

  • No record.

    • Related Seminar Papers

  • No record.

    • Related Plans

  • No record.

    • Recommended Workshops






    Move to top