000001258 001__ 1258
000001258 005__ 20250303150309.0
000001258 02470 $$a10.3886/E184261$$2DOI
000001258 0247_ $$a10.3886/E184261V1$$2DOI
000001258 041__ $$aeng
000001258 084__ $$aE21 Consumption; Saving; Wealth$$03021
000001258 084__ $$aE30 General$$03030
000001258 084__ $$aE52 Monetary Policy$$03046
000001258 084__ $$aE62 Fiscal Policy$$03052
000001258 084__ $$aE63 Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy$$03053
000001258 245__ $$aCode for: Optimal Monetary Policy According to HANK
000001258 251__ $$a1
000001258 260__ $$bAmerican Economic Association
000001258 269__ $$a2023-06-19
000001258 336__ $$aDataset
000001258 506__ $$aFiles may be downloaded from digital repository linked in the DOI field
000001258 520__ $$aWe study optimal monetary policy in an analytically tractable Heterogeneous Agent New Keynesian model with rich cross-sectional heterogeneity. Optimal policy differs from a Representative Agent bench-mark because monetary policy can affect consumption inequality, by stabilizing consumption risk arising from both idiosyncratic shocks and unequal exposures to aggregate shocks. The tradeoff between consumption inequality, productive efficiency and price stability is summarized in a simple linear-quadratic problem yielding interpretable target criteria. Stabilizing consumption inequality requires putting some weight on stabilizing the level of output, and correspondingly reducing the weights on the output gap and price level relative to the representative agent benchmark. <p><p>Code for peer-reviewed article published in American Economic Review.$$7Abstract
000001258 540__ $$aCreative Commons Attribution 4.0 International$$uhttps://creativecommons.org/licenses/by/4.0/legalcode$$fCC-BY-4.0
000001258 7001_ $$aAcharya, Sushant$$7Personal$$uBank of Canada$$3https://ror.org/05cc98565$$5ROR
000001258 7001_ $$aChalle, Edouard$$7Personal$$uEuropean University Institute
000001258 7001_ $$aDogra, Keshav$$7Personal$$uFederal Reserve Bank of New York
000001258 791__ $$aJournalArticle$$iReproducibility package is associated with peer-reviewed article$$w10.1257/aer.20200239$$c2023$$dAmerican Economic Review (American Economic Association)$$tOptimal Monetary Policy According to HANK$$2DOI$$j113$$k7$$q1741$$o1782$$eIsSupplementTo
000001258 791__ $$aText$$iAssociated article is first published as Bank of Canada Staff Working Paper$$w10.34989/swp-2021-55$$c2021$$dBank of Canada$$tOptimal Monetary Policy According to HANK$$2DOI$$jStaff Working Paper$$k2021-55$$eIsSupplementTo
000001258 8301_ $$aReproducibility Package
000001258 8301_ $$aEnsemble de données pour la reproductibilité des résultats de recherche
000001258 909CO $$ooai:www.oar-rao.bank-banque-canada.ca:1258$$pbibliographic
000001258 937__ $$aAcharya, S., E. Challe, and K. Dogra$$b2023$$cOptimal Monetary Policy According to HANK$$dAmerican Economic Review$$e113$$f7$$ghttps://doi.org/10.1257/aer.20200239
000001258 980__ $$aStaff Research
000001258 980__ $$aRDM
000001258 980__ $$aResearch Reproducibility Packages
000001258 991__ $$aPublic