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出版Centre for Economic Policy Research, 2023
URLhttp://books.google.com.hk/books?id=P4gU0AEACAAJ&hl=&source=gbs_api
註釋How does a monetary union alter the impact of business cycle shocks at the household level? We develop a Heterogeneous Agent New Keynesian model of two countries (HANK2) and show in closed form that a monetary union shifts the adjustment to a shock horizontally -- across countries -- within the brackets of the union-wide wealth distribution rather than vertically -- that is, across the brackets of the union-wide wealth distribution. Calibrating the model to the euro area reveals that a monetary union alters the impact of shocks most strongly in the tails of the wealth distribution but leaves the middle class almost unaffected.