摘要翻译：
本文采用半结构性方法，识别异质性和金融摩擦如何影响总体冲击的传递。围绕代表性agent分配近似异构agent模型，可以成功地跟踪agent的聚集和分布动态，并与替代机制保持一致。本文利用西班牙宏观经济数据以及企业和家庭调查数据，发现消费和投资摩擦与总量冲击有着丰富的相互作用。异质性的反应会放大或减弱这些影响，这取决于冲击的类型。消费份额的分散和企业的边际收益产品，以及投资受限企业的比例是财政乘数的关键决定因素。
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英文标题：
《Heterogeneity and the Dynamic Effects of Aggregate Shocks》
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作者：
Andreas Tryphonides
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最新提交年份：
2020
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分类信息：

一级分类：Economics        经济学
二级分类：General Economics        一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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英文摘要：
  Using a semi-structural approach, the paper identifies how heterogeneity and financial frictions affect the transmission of aggregate shocks. Approximating a heterogeneous agent model around the representative agent allocation can successfully trace the aggregate and distributional dynamics and can be consistent with alternative mechanisms. Employing Spanish macroeconomic data as well as firm and household survey data, the paper finds that frictions on both consumption and investment have rich interactions with aggregate shocks. The response of heterogeneity amplifies or dampens these effects depending on the type of the shock. Both dispersion in consumption shares and the marginal revenue product of firms, as well as the proportion of investment constrained firms are key determinants of the fiscal multiplier.
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PDF链接：
https://arxiv.org/pdf/2007.14022