论文标题
异质性和总冲击的动态影响
Heterogeneity and the Dynamic Effects of Aggregate Shocks
论文作者
论文摘要
本文使用半结构的方法确定了异质性和金融摩擦如何影响骨料冲击的传播。近似围绕代表性药物分配的异质试剂模型可以成功地跟踪骨料和分布动力学，并且可以与替代机制一致。该论文采用西班牙宏观经济数据以及公司和家庭调查数据，发现消费和投资的摩擦与总体冲击的互动良好。异质性的响应取决于冲击的类型，会放大或抑制这些效果。消费股份的分散以及公司的边际收入产品以及投资约束公司的比例都是财政乘数的关键决定因素。
Using a semi-structural approach, the paper identifies how heterogeneity and financial frictions affect the transmission of aggregate shocks. Approximating a heterogeneous agent model around the representative agent allocation can successfully trace the aggregate and distributional dynamics and can be consistent with alternative mechanisms. Employing Spanish macroeconomic data as well as firm and household survey data, the paper finds that frictions on both consumption and investment have rich interactions with aggregate shocks. The response of heterogeneity amplifies or dampens these effects depending on the type of the shock. Both dispersion in consumption shares and the marginal revenue product of firms, as well as the proportion of investment constrained firms are key determinants of the fiscal multiplier.
