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Managing Inequality over Business Cycles: Optimal Policies with Heterogeneous Agents and Aggregate Shocks

Author

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  • François Le Grand

    (EM - EMLyon Business School, ETH Zürich - Eidgenössische Technische Hochschule - Swiss Federal Institute of Technology [Zürich])

  • Xavier Ragot

    (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, CNRS - Centre National de la Recherche Scientifique, OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

We present a truncation theory of idiosyncratic histories for heterogeneous-agent models. This method allows us to solve for optimal Ramsey policies in such models with aggregate shocks. The method can be applied to a large variety of settings, with occasionally binding credit constraints. We use this theory to characterize the optimal level of unemployment insurance over the business cycle in a production economy. We find that the optimal policy is countercyclical.

Suggested Citation

  • François Le Grand & Xavier Ragot, 2022. "Managing Inequality over Business Cycles: Optimal Policies with Heterogeneous Agents and Aggregate Shocks," Post-Print hal-03501381, HAL.
    • Handle: RePEc:hal:journl:hal-03501381
    DOI: 10.1111/iere.12537
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03501381
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    Cited by:

    1. Stephane Auray & Aurelien Eyquem, 2024. "Optimal Unemployment Insurance in a THANK Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 53, pages 173-193, July.
    2. Chen, Yunmin & Chien, YiLi & Wen, Yi & Yang, C.C., 2021. "Are unconditional lump-sum transfers a good idea?," Economics Letters, Elsevier, vol. 209(C).
    3. Le Grand, François & Ragot, Xavier, 2021. "Sovereign default and liquidity: The case for a world safe asset," Journal of International Economics, Elsevier, vol. 131(C).
    4. Peter Karadi & Anton Nakov & Galo Nuno Barrau & Ernesto Pasten & Dominik Thaler, 2024. "Strike while the iron is hot: optimal monetary policy with a nonlinear Phillips curve," BIS Working Papers 1203, Bank for International Settlements.
    5. Mark Aguiar & Manuel Amador & Cristina Arellano, 2021. "Micro Risks and Pareto Improving Policies with Low Interest Rates," Staff Report 625, Federal Reserve Bank of Minneapolis.
    6. François Le Grand & Xavier Ragot, 2023. "Should we increase or decrease public debt? Optimal fiscal policy with heterogeneous agents," Working Papers halshs-03922359, HAL.
    7. Le Grand, François & Ragot, Xavier, 2023. "Optimal policies with heterogeneous agents: Truncation and transitions," Journal of Economic Dynamics and Control, Elsevier, vol. 156(C).
    8. François Le Grand & Xavier Ragot, 2022. "Refining the truncation method to solve heterogeneous-agent models," Post-Print hal-04384033, HAL.
    9. Grimaud, Alex, 2021. "Precautionary saving and un-anchored expectations," MPRA Paper 110651, University Library of Munich, Germany.
    10. Beatriz González & Galo Nuño & Dominik Thaler & Silvia Albrizio, 2021. "Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy," CESifo Working Paper Series 9465, CESifo.
    11. Chien, YiLi & Wen, Yi, 2021. "Time-inconsistent optimal quantity of debt," European Economic Review, Elsevier, vol. 140(C).
    12. Mark Aguiar & Manuel Amador & Cristina Arellano, 2021. "Micro Risks and Pareto Improving Policies," Working Papers 2021-15, Princeton University. Economics Department..
    13. Julien Pascal, 2024. "Heterogeneity in macroeconomic models: A review of theory and computation," BCL working papers 185, Central Bank of Luxembourg.
    14. Grimaud, Alex, 2021. "Precautionary saving and un-anchored expectations," MPRA Paper 108931, University Library of Munich, Germany.

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    More about this item

    Keywords

    Incomplete Markets; Optimal Policies; Heterogeneous Agent Models;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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