Mpcs, Mpes and Multipliers : A Trilemma for New Keynesian Models

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

Year of publication:	2022
Authors:	Auclert, Adrien ; Bardóczy, Bence ; Rognlie, Matthew
Publisher:	[S.l.] : SSRN
Subject:	Multiplikator \| Multiplier \| Neoklassische Synthese \| Neoclassical synthesis \| Lohnrigidität \| Wage rigidity \| Marginalanalyse \| Marginal analysis \| Arbeitsangebot \| Labour supply \| Konsum \| Consumption

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