We propose a novel two-agent New Keynesian model to study the interaction of fiscal policy and household heterogeneity in a tractable environment. Workers can save in bonds subject to portfolio adjustment costs; firm ownership is concentrated among capitalists who do not supply labor. The model is consistent with micro data on empirical intertemporal marginal propensities to consume, and it avoids implausible profit income effects on labor supply. Relative to the traditional two-agent model, these features imply, respectively, a lower sensitivity of consumption to the composition of public financing; and smaller fiscal multipliers alongside pronounced redistributive effects.

我们提出了一种新颖的两主体新凯恩斯模型，以研究在可控环境中财政政策与家庭异质性的相互作用。工人可以节省债券，但需调整投资组合成本；公司所有权集中在不提供劳动力的资本家中间。该模型与经验性跨期边际消费倾向的微观数据一致，并且避免了对劳动力供给的难以置信的利润收入影响。相对于传统的两主体模型，这些特征分别意味着消费对公共融资结构的敏感性较低；较小的财政乘数，再加上明显的再分配效应。