Monetary Policy According to HANK

Greg Kaplan, Benjamin Moll, Giovanni L. Violante

NBER Working Paper No. 21897
Issued in January 2016

---- Acknowledgments ----

We thank Yves Achdou, Mark Aguiar, Fernando Alvarez, Adrien Auclert, Jess Benhabib, Luca Dedola, Emmanuel Farhi, Mark Gertler, Keith Kuester, David Lagakos, Emi Nakamura, Larry Schmidt, Jon Steinsson, Mirko Wiederholt and seminar participants at various institutions. Damien Capelle and Julia Fonseca provided superb research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Greg Kaplan ----

• My primary employer is Princeton University.

• During the last three years, the following institutions have paid me or given me research grants valued cumulatively at more than $5000:

o Reserve Bank of Australia

o Brookings Institution

o National Science Foundation

o Sloan Foundation

o University of New South Wales

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