ABSTRACT I study aggregate consumption dynamics under incomplete markets, focusing
on the relationship between consumption and the path for interest rates. I first provide a …

This paper assesses the importance of heterogeneity in household portfolios for the
transmission of monetary policy in a New Keynesian business cycle model with uninsurable …

The monetary transmission mechanism in New-Keynesian models is put to scrutiny. We
show that, contrary to the conventional view, the transmission mechanism does not operate …

Statistisk sentralbyrå fikk 30. mars 2023 i oppdrag fra Frontfagsmodellutvalget å analysere
konsekvenser for lønnsdannelsen og norsk økonomi av endringer i makroøkonomiske …

The monetary transmission mechanism in New-Keynesian models is put to scrutiny. We
show that, contrary to the conventional view, the transmission mechanism does not operate …

A household's portfolio generally consists of non-tradable and tradable assets. The most
important non-tradable asset is human capital. It is the primary source of income for most …