Sudden Stops and Optimal Policy in a Two-agent Economy /

Sudden Stops and Optimal Policy in a Two-agent Economy /

We introduce heterogeneity in terms of workers and entrepreneurs in an otherwise standard Fisherian model to study Sudden Stop dynamics and optimal policy. We show that the distinction between workers and entrepreneurs introduces a distributive externality that is absent from the representative-agen...

Ausführliche Beschreibung

Bibliographische Detailangaben
1. Verfasser: Biljanovska, Nina
Weitere Verfasser: Vardoulakis, Alexandros
Format: Zeitschrift
Sprache:English
Veröffentlicht: Washington, D.C. : International Monetary Fund, 2022.
Schriftenreihe:IMF Working Papers; Working Paper ; No. 2022/147
Schlagworte:
Financial Markets and the Macroeconomy
General Financial Markets
Macroeconomics
Sudden Stops
Online Zugang:Full text available on IMF
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100 1 |a Biljanovska, Nina. 
245 1 0 |a Sudden Stops and Optimal Policy in a Two-agent Economy /  |c Nina Biljanovska, Alexandros Vardoulakis. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2022. 
300 |a 1 online resource (54 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a We introduce heterogeneity in terms of workers and entrepreneurs in an otherwise standard Fisherian model to study Sudden Stop dynamics and optimal policy. We show that the distinction between workers and entrepreneurs introduces a distributive externality that is absent from the representative-agent setup. While in tranquil times redistribution is driven by the relative marginal utilities of consumption, the planner additionally favors entrepreneurs during Sudden Stops to mitigate Fisherian deation. Although agentheterogeneity does not add much in explaining the Sudden Stop phenomena, it adds to the understanding of how policies can best be designed to alleviate the negative effects of Sudden Stops. 
538 |a Mode of access: Internet 
650 7 |a Financial Markets and the Macroeconomy  |2 imf 
650 7 |a General Financial Markets  |2 imf 
650 7 |a Macroeconomics  |2 imf 
650 7 |a Sudden Stops  |2 imf 
700 1 |a Vardoulakis, Alexandros. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2022/147 
856 4 0 |z Full text available on IMF  |u https://elibrary.imf.org/openurl?genre=journal&issn=1018-5941&volume=2022&issue=147  |z IMF e-Library 

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