Kurt Mitman
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View article: The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?
The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle? Open
We measure the aggregate effect of unemployment benefit duration on employment and the labor force. We exploit the variation induced by Congress' failure in December 2013 to reauthorize the unprecedented benefit extensions introduced durin…
View article: Economics and Epidemics: Evidence from an Estimated Spatial Econ-SIR Model
Economics and Epidemics: Evidence from an Estimated Spatial Econ-SIR Model Open
<ns2:p>Economic analysis of effective policies for managing epidemics requires an integrated economic and epidemiological approach. We develop and estimate a spatial, micro-founded model of the joint evolution of economic var…
View article: Household heterogeneity and the transmission of foreign shocks
Household heterogeneity and the transmission of foreign shocks Open
We study the role of heterogeneity in the transmission of foreign shocks. We build a Heterogeneous-Agent New-Keynesian Small Open Model Economy (HANKSOME) that experiences a current account reversal. Households' portfolio composition and t…
View article: Economics and Epidemics: Evidence from an Estimated Spatial Econ-SIR Model
Economics and Epidemics: Evidence from an Estimated Spatial Econ-SIR Model Open
Economic analysis of effective policies for managing epidemics requires an integrated economic and epidemiological approach. We develop and estimate a spatial, micro-founded model of the joint evolution of economic variables and the spread…
View article: Corona Policy According to HANK
Corona Policy According to HANK Open
In this note, we analyze the role of the European Central Bank through the lens of the Heterogenous-agent New Keynesian Model (HANK), a new paradigm of fiscal and monetary policy that abandons the assumption of perfectly functioning financ…
View article: Household Heterogeneity and the Transmission of Foreign Shocks
Household Heterogeneity and the Transmission of Foreign Shocks Open
We study the role of heterogeneity in the transmission of foreign shocks.We build a Heterogeneous-Agent New-Keynesian Small Open Model Economy (HANKSOME) that experiences a current account reversal.Households' portfolio composition and the…
View article: The Fiscal Multiplier
The Fiscal Multiplier Open
We measure the size of the fiscal multiplier using a heterogeneous agents model with incomplete markets, capital and rigid prices and wages. This environment captures all elements that are considered essential for a quantitative analysis. …
View article: Forward Guidance
Forward Guidance Open
We assess the power of forward guidance-promises about future interest rates-as a monetary tool in a liquidity trap using a quantitative incomplete-markets model.Our results suggest the effects of forward guidance are negligible.A commitme…
View article: Exploiting MIT Shocks in Heterogeneous-Agent Economies: The Impulse Response as a Numerical Derivative
Exploiting MIT Shocks in Heterogeneous-Agent Economies: The Impulse Response as a Numerical Derivative Open
We propose a new method for computing equilibria in heterogeneous-agent models with aggregate uncertainty.The idea relies on an assumption that linearization offers a good approximation; we share this assumption with existing linearization…
View article: The Housing Boom and Bust: Model Meets Evidence
The Housing Boom and Bust: Model Meets Evidence Open
We build a model of the U.S. economy with multiple aggregate shocks (income, housing finance conditions, and beliefs about future housing demand) that generate fluctuations in equilibrium house prices.Through a series of counterfactual exp…
View article: Macroeconomic Effects of Bankruptcy and Foreclosure Policies
Macroeconomic Effects of Bankruptcy and Foreclosure Policies Open
I study the implications of two major debt-relief policies in the United States: the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) and the Home Affordable Refinance Program (HARP). To do so, I develop a model of housing …
View article: On the Distribution of the Welfare Losses of Large Recessions
On the Distribution of the Welfare Losses of Large Recessions Open
How big are the welfare losses from severe economic downturns, such as the U.S. Great Recession?How are those losses distributed across the population?In this paper we answer these questions using a canonical business cycle model featuring…
View article: On the Distribution of the Welfare Losses of Large Recessions
On the Distribution of the Welfare Losses of Large Recessions Open
How big are the welfare losses from severe economic downturns, such as the U.S. Great Recession? How are those losses distributed across the population? In this paper we answer these questions using a canonical business cycle model featuri…
View article: Macroeconomics and Household Heterogeneity
Macroeconomics and Household Heterogeneity Open
The goal of this chapter is to study how, and by how much, household income, wealth, and preference heterogeneity amplify and propagate a macroeconomic shock.We focus on the U.S. Great Recession of 2007-2009 and proceed in two steps.First,…