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SUMMARY:10.06.2026 - Adrien Auclert (Stanford University)
DTSTART;TZID=Europe/Berlin:20260610T120000
DTEND;TZID=Europe/Berlin:20260610T131500
DTSTAMP:20260930T130911Z
UID:fb29916c13d44a088b7590d57672b677@www.econ.uni-bonn.de
CREATED:20260316T115417Z
DESCRIPTION:We show that higher-order perturbation solutions to rational e
 xpectations models exhibit a certainty correspondence property: they can b
 e obtained from the derivatives of the model’s perfect foresight solutio
 n. This extends the well-known certainty equivalence result beyond first o
 rder. For heterogeneous-agent models with large idiosyncratic state spaces
 \, our approach is significantly faster than existing state-space perturba
 tion or global solution methods. We apply our method to solve a HANK model
  and a menu cost model to third order in aggregate risk\, quantifying the 
 time variation in the fiscal multiplier and the responsiveness of inflatio
 n to costs\, as well as the effect of perceived aggregate risk on the stea
 dy state and impulse responses.
LAST-MODIFIED:20260601T081359Z
URL:https://www.econ.uni-bonn.de/macro/en/seminars/mef-seminar-summer-26/a
 drien-auclert-stanford-university
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