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<p>We study fiscal multipliers in a Small Open Economy Heterogeneous Agent New Keynesian (SOE-HANK) model. We provide a set of equivalence results under which the fiscal multiplier in our SOE-HANK model is the same–at any horizon–as in a corresponding representative agent (RANK) model. Under more general assumptions, the fiscal multipliers in the two models are not equivalent, but remain relatively similar. Yet, we show that the underlying channels driving the fiscal multipliers differ substantially. In particular, consumption increases while net exports tend to decline in the HANK model, whereas the opposite is true in the RANK model.</p>

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Fiscal Multipliers in Small Open Economies with Heterogeneous Households

  • 期刊论文

  • 发表日期：

    2025年9月1日

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  • Jeppe Druedahl,
  • Søren Hove Ravn,
  • Laura Sunder-Plassmann,
  • Jacob Sundram,
  • Nicolai Waldstrøm

摘要

We study fiscal multipliers in a Small Open Economy Heterogeneous Agent New Keynesian (SOE-HANK) model. We provide a set of equivalence results under which the fiscal multiplier in our SOE-HANK model is the same–at any horizon–as in a corresponding representative agent (RANK) model. Under more general assumptions, the fiscal multipliers in the two models are not equivalent, but remain relatively similar. Yet, we show that the underlying channels driving the fiscal multipliers differ substantially. In particular, consumption increases while net exports tend to decline in the HANK model, whereas the opposite is true in the RANK model.