New Keynesian models with unemployment and incomplete markets are rapidly becoming a new workhorse model in macroeconomics. Such models typically require heavy computational methods which may obscure intuition and overlook equilibria. We present a tractable version which can be characterized analytically. Our results highlight that - due to the interaction between incomplete markets, sticky prices and endogenous unemployment risk - productivity shocks may have radically different effects than in traditional NK models, that the Taylor principle may fail, and that pessimistic beliefs may be self-fulfilling and move the economy into temporary episodes of low demand and high unemployment, as well as into a long-lasting "unemployment trap". At the Zero Lower Bound, the presence of endogenous unemployment risk can create inflation and overturn paradoxical properties of the model. We further study financial asset prices and show that non-negligible risk premia emerge.

中文翻译：

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HANK和SAM的宏观经济波动：一种分析方法

具有失业和市场不完整的凯恩斯主义新模型正迅速成为宏观经济学中的一种新的主​​力模型。这样的模型通常需要大量的计算方法，这些计算方法可能会掩盖直觉并忽略均衡。我们提出了一个易于处理的版本，可以对其进行分析。我们的结果强调-由于市场不完全，粘性价格和内生性失业风险之间的相互作用-生产力冲击可能与传统的NK模型产生根本不同的影响，泰勒原理可能会失败，悲观的信念可能会自我实现，使经济陷入需求低迷和高失业的短暂时期，以及长期存在的“失业陷阱”。在零下界，内生性失业风险的存在会导致通货膨胀并推翻模型的悖论性质。我们进一步研究了金融资产价格，并表明出现了不可忽略的风险溢价。