We study the effect of monetary and fiscal policy in a heterogeneous-agent model where households have present-biased time preferences and naive beliefs. The model features a liquid asset and illiquid home equity, which households can use as collateral for borrowing. Because present bias substantially increases households’ marginal propensity to consume (MPC), present bias increases the impact of fiscal policy. Present bias also amplifies the effect of monetary policy but, at the same time, slows down the speed of monetary transmission. Interest rate cuts incentivize households to conduct cash-out refinances, which become targeted liquidity-injections to high-MPC households. But present bias also introduces a motive for households to procrastinate refinancing their mortgages, which slows down the speed with which this monetary channel operates.

中文翻译：

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当前的偏见扩大了宏观经济政策的家庭资产负债表渠道


我们研究了异质代理模型中货币和财政政策的影响，其中家庭具有当前偏差的时间偏好和天真的信念。该模型具有流动性资产和非流动性房屋净值，家庭可以将其用作借款抵押品。由于当前偏差大大增加了家庭的边际消费倾向（MPC），因此当前偏差会增加财政政策的影响。当前的偏见也放大了货币政策的效果，但同时也减慢了货币传导的速度。降息会激励家庭进行现金再融资，从而成为高MPC家庭的有针对性的流动性注入。但目前的偏见也给家庭带来了拖延抵押贷款再融资的动机，从而减慢了这一货币渠道的运作速度。