【主讲】董丰 (助教授，上海交通大学)
【主题】A Heterogeneous-Agent Monetary Model with Time-Varying Networks
【时间】2018年11月15日 (周四) 15：30-17：00
【地点】上海财经大学经济学院楼701室
【语言】英文
【摘要】We develop a N-sector business cycle network model a la Long and Plosser (1983), featuring heterogenous money demand a la Bewley (1980) and Lucas (1980). Despite incomplete markets and a well-defined distribution of real money balances across heterogeneous households, the Bewley-Lucas-Long-Plosser model remains analytically tractable with closed-form solutions. Relying on the tractability, we establish several important results: (i) Thanks to the endogenous time-varying distribution of money demand and its influence on cross-sector allocations of commodities, the economy's input-output network linkages become endogenously time-varying over the business cycle as in the data. (ii) Despite flexible prices, transitory money injections can generate highly persistent effects on sectoral output, also thanks to the time-varying distribution of money demand and its effect on input-output coefficients. (iii) Although money injection is distributed equally across households by design, the real effects are asymmetric across production sectors, e.g., the impact of money is strongest on downstream sectors that purchase intermediate goods from the rest of the economy, but weakest on upstream sectors that supply intermediate goods to the other sectors, in sharp contrast to the case of sectoral technology shocks and government spending shocks. Our model also shows that movements in the distribution of money demand can explain the cyclical behavior of the measured labor wedge documented by the business cycle accounting literature.
