Browsing by Author "Jaime Cano, Luciana Micaela"

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    Cuán capaces son los modelos HANK de explicar los ciclos económicos en el Perú
    (Universidad del Pacífico, 2026-02) Jaime Cano, Luciana Micaela; Soza Martínez, Reynaldo Martín
    This study evaluates the ability of New Keynesian models with heterogeneous agents (HANK) to explain Peruvian business cycles. The relevance of the study lies in the fact that representative agent models have been widely used, despite their limitations in capturing the heterogeneity and frictions characteristic of emerging economies. Accordingly, the analysis examines whether the core assumptions and mechanisms of HANK models are conceptually and empirically compatible with Peru’s micro- and macroeconomic characteristics. Based on an exhaustive review of the literature, a theoretical framework is developed thatdescribes HANK models and their fundamental differences from representative agent models, highlighting their potential to assess the transmission of shocks in emerging economies. On this basis, the available empirical evidence is examined to verify whether the characteristics of the Peruvian economy are consistent with the mechanisms underlying this type of models. The peruvian economy exhibits a high and heterogeneous marginal propensity to consume, with a partial and unequal capacity for consumption smoothing across households. These results suggest that HANK models provide an adequate analytical framework for understanding the dynamics of Peruvian business cycles.