Keywords
Heterogeneous
Liquidity
Consumption
Vulnerable
How to Cite
PlumX
Abstract
The purpose of this paper is to conduct a theoretical analysis of the main heterogeneous agent models in the context of the current global covid-19 pandemic. The typical representative agent models used in macroeconomic policy analysis are no longer relevant, as empirical evidence has identified a large number of heterogeneous agents that respond more closely to reality. The analysis starts from Friedman's pioneering approaches to the consumption function, includes elements such as the liquidity constraints faced by individuals, refers to the HANK and TANK models applied to different contexts, and, finally, a theoretical approach to the analysis of the current pandemic situation in the framework of the models studied.
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