在一个异质性的世界中制定的最优宏观经济政策

OPTIMALMACROECONOMICPOLICIESINAHETEROGENEOUSWORLDJamesBullardFederalReserveBankofSt.LouisRiccardoDiCecioFederalReserveBankofSt.LouisAartiSinghUniversityofSydneyJacekSudaNarodowyBankPolski(NBP)TheFutureofMacroeconomicPolicyNorgesBank,theIMFandIMFEconomicReviewJune16,2023Oslo,NorwayAnyviewsexpressedhereareourownanddonotnecessarilyreflectthoseoftheFOMCortheNBP.1 Introduction2 BENCHMARKMODELSThemacroeconomicsworldhasbenefitedfromhavingsimplebenchmarkmodelsfromwhichfruitfuldiscussionscanbelaunched.1980s-1990s:realbusinesscyclemodels—Prescott(QR,1986).2000s-present:NewKeynesianmodels—Woodford(2003).Today,wewanttobemoregranularinordertobeabletodiscusshowmacroeconomicpoliciesimpactdifferentportionsoftheincomedistribution.Butwhatwouldoptimalmacroeconomicpolicylooklikeinaheterogeneousworld?3 ABENCHMARKMODELWestudyasimple(paper-and-pencilsolution)benchmarkDSGEheterogeneous-agentlife-cyclemodel.TheequilibriumfeaturesGinicoefficientsapproachingthoseintheU.S.data.Themodelismeanttobecomplementarytomo