NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model

Adrien Auclert, Matthew Rognlie, Ludwig Straub

NBER Working Paper No. 26647
Issued in January 2020

---- Acknowledgments ----

For helpful comments, we thank Marios Angeletos, Florin Bilbiie, Luigi Bocola, Larry Christiano, Martin Eichenbaum, Emmanuel Farhi, Xavier Gabaix, Greg Kaplan, Rohan Kekre, Ralph Luetticke, Alisdair McKay, Kurt Mitman, Ben Moll, Ricardo Reis, Gianluca Violante, and Peter Zorn. This research is supported by the National Science Foundation grant SES-1851717. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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