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- Benjamin Moll
- 2009

This Appendix presents a version of the model that is set up in discrete time and features productivity shocks that are iid over time. Its purpose is to make the paper more accessible to readers who are perhaps unfamiliar with some of the mathematical tools used in the continuous time model in the main text (in particular stochastic calculus). While the… (More)

We analyze a model economy with many agents, each with a different productivity level. Agents divide their time between two activities: producing goods with the production-related knowledge they already have, and interacting with others in search of new, productivity-increasing ideas. Each meeting involves two people, each with a different productivity… (More)

There is growing interest in the view that underdevelopment may not just be a matter of lack of resources like capital, skilled labor, entrepreneurship or ideas but also a consequence of the misallocation or misuse of available resources. In particular Banerjee and Duflo (2005), Jeong and Townsend (2007), Restuccia and Rogerson (2008), Hsieh and Klenow… (More)

We study a class of continuous time heterogeneous agent models with idiosyncratic shocks and incomplete markets. This class can be boiled down to a system of two coupled partial differential equations: a Hamilton-Jacobi-Bellman equation and a Kolmogorov Forward equation, a system that Lasry and Lions (2007) have termed a “Mean Field Game.” We study two… (More)

We assess the common practice of trying to learn about the sources of aggregate fluctuations using aggregate data and a representative agent framework. We take an offthe-shelf model with financial frictions and heterogeneity, and study the mapping from a credit crunch, modeled as a shock to collateral constraints, to simple aggregate wedges. We study three… (More)

- Michael Peters, I. M. Andrews, +10 authors Ezra Ober
- 2013

Aggregate total factor productivity depends both on firms’ physical productivity (technology) and on the efficiency of the resource allocation. The empirical regularity that cross-sectional productivity differences are more pronounced in underdeveloped economies is often interpreted as evidence for the importance of misallocation to explain the… (More)

In recent years, central banks have increasingly turned to “forward guidance” as a central tool of monetary policy, especially as interest rates around the world have hit the zero lower bound. Standard monetary models imply that far future forward guidance is extremely powerful: promises about far future interest rates have huge effects on current economic… (More)

- Greg Kaplan, Benjamin Moll, Giovanni L. Violante
- 2016

We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to consume because of two key features: multiple assets with different degrees of liquidity and an idiosyncratic income… (More)

References html#related-urls http://rsta.royalsocietypublishing.org/content/372/2028/20130397.full. Article cited in: 97.full.html#ref-list-1 http://rsta.royalsocietypublishing.org/content/372/2028/201303 This article cites 51 articles, 8 of which can be accessed free Subject collections (148 articles) applied mathematics collections Articles on similar… (More)

- Thomas Eisenbach, Magdalena Berger, +19 authors Adam Zawadowski
- 2013

Why does the market discipline that banks face seem too weak during good times and too strong during bad times? This paper shows that using rollover risk as a disciplining device is effective only if all banks face purely idiosyncratic risk. However, if banks’ assets are correlated, a twosided inefficiency arises: Good aggregate states have banks taking… (More)