000			01381nam a22001577a 4500
999			_c527116 _d527116
008			240805b ||||| |||| 00| 0 eng d
100			_aBayer, C., Born, B. and Luetticke, R. _956306
245			_aShocks, frictions, and inequality in US business cycles
260			_aThe American Economic Review
300			_a114(5), May, 2024: p.1211-1247
520			_aWe show how a heterogeneous agent New Keynesian (HANK) model with incomplete markets and portfolio choice can be estimated in state space using a Bayesian approach. To render estimation feasible, the structure of the economy can be exploited and the dimensionality of the model automatically reduced based on the Bayesian priors. We apply this approach to analyze how much inequality matters for the business cycle and vice versa. Even when the model is estimated on aggregate data alone and with a set of shocks and frictions designed to match aggregate data, it broadly reproduces observed US inequality dynamics.- Reproduced https://www.aeaweb.org/articles?id=10.1257/aer.20201875
650			_aPersonal Income, Wealth, and Their Distributions Incomplete Markets, General Aggregative Models: Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory, Business Fluctuations; Cycles, Monetary Policy, Fiscal Policy _956307
773			_aThe American Economic Review
906			_aFISCAL POLICY
942			_cAR