{"id":28482830,"url":"https://github.com/pmichaillat/wunk-model","last_synced_at":"2026-03-07T14:01:30.394Z","repository":{"id":98753587,"uuid":"462475268","full_name":"pmichaillat/wunk-model","owner":"pmichaillat","description":"Phase diagrams from the paper \"Resolving New Keynesian Anomalies with Wealth in the Utility Function\"","archived":false,"fork":false,"pushed_at":"2025-05-28T04:05:40.000Z","size":3077,"stargazers_count":12,"open_issues_count":0,"forks_count":1,"subscribers_count":1,"default_branch":"main","last_synced_at":"2026-02-01T01:56:18.199Z","etag":null,"topics":["differential-equations","dynamical-systems","fiscal-policy","keynote","monetary-policy","new-keynesian-model","paper-with-code","phase-diagrams","wealth-in-the-utility","zero-lower-bound"],"latest_commit_sha":null,"homepage":"https://pascalmichaillat.org/11/","language":null,"has_issues":false,"has_wiki":null,"has_pages":null,"mirror_url":null,"source_name":null,"license":"cc-by-4.0","status":null,"scm":"git","pull_requests_enabled":true,"icon_url":"https://github.com/pmichaillat.png","metadata":{"files":{"readme":"README.md","changelog":null,"contributing":null,"funding":null,"license":"LICENSE.md","code_of_conduct":null,"threat_model":null,"audit":null,"citation":null,"codeowners":null,"security":null,"support":null,"governance":null,"roadmap":null,"authors":null,"dei":null,"publiccode":null,"codemeta":null,"zenodo":null}},"created_at":"2022-02-22T21:08:50.000Z","updated_at":"2025-08-27T12:30:06.000Z","dependencies_parsed_at":"2025-08-04T10:00:30.481Z","dependency_job_id":null,"html_url":"https://github.com/pmichaillat/wunk-model","commit_stats":null,"previous_names":["pmichaillat/wunk-model","pmichaillat/wunk"],"tags_count":0,"template":true,"template_full_name":null,"purl":"pkg:github/pmichaillat/wunk-model","repository_url":"https://repos.ecosyste.ms/api/v1/hosts/GitHub/repositories/pmichaillat%2Fwunk-model","tags_url":"https://repos.ecosyste.ms/api/v1/hosts/GitHub/repositories/pmichaillat%2Fwunk-model/tags","releases_url":"https://repos.ecosyste.ms/api/v1/hosts/GitHub/repositories/pmichaillat%2Fwunk-model/releases","manifests_url":"https://repos.ecosyste.ms/api/v1/hosts/GitHub/repositories/pmichaillat%2Fwunk-model/manifests","owner_url":"https://repos.ecosyste.ms/api/v1/hosts/GitHub/owners/pmichaillat","download_url":"https://codeload.github.com/pmichaillat/wunk-model/tar.gz/refs/heads/main","sbom_url":"https://repos.ecosyste.ms/api/v1/hosts/GitHub/repositories/pmichaillat%2Fwunk-model/sbom","scorecard":null,"host":{"name":"GitHub","url":"https://github.com","kind":"github","repositories_count":286080680,"owners_count":30216491,"icon_url":"https://github.com/github.png","version":null,"created_at":"2022-05-30T11:31:42.601Z","updated_at":"2026-03-07T13:35:13.914Z","status":"ssl_error","status_checked_at":"2026-03-07T13:35:13.569Z","response_time":53,"last_error":"SSL_read: unexpected eof while reading","robots_txt_status":"success","robots_txt_updated_at":"2025-07-24T06:49:26.215Z","robots_txt_url":"https://github.com/robots.txt","online":false,"can_crawl_api":true,"host_url":"https://repos.ecosyste.ms/api/v1/hosts/GitHub","repositories_url":"https://repos.ecosyste.ms/api/v1/hosts/GitHub/repositories","repository_names_url":"https://repos.ecosyste.ms/api/v1/hosts/GitHub/repository_names","owners_url":"https://repos.ecosyste.ms/api/v1/hosts/GitHub/owners"}},"keywords":["differential-equations","dynamical-systems","fiscal-policy","keynote","monetary-policy","new-keynesian-model","paper-with-code","phase-diagrams","wealth-in-the-utility","zero-lower-bound"],"created_at":"2025-06-07T21:02:44.380Z","updated_at":"2026-03-07T14:01:30.361Z","avatar_url":"https://github.com/pmichaillat.png","language":null,"funding_links":[],"categories":[],"sub_categories":[],"readme":"# Resolving New Keynesian Anomalies With Wealth in the Utility Function: Phase Diagrams\n\nThis repository contains the phase diagrams from the paper \"Resolving New Keynesian Anomalies With Wealth in the Utility Function\", written by [Pascal Michaillat](https://pascalmichaillat.org) and [Emmanuel Saez](https://eml.berkeley.edu/~saez/), and published in the [Review of Economics and Statistics](https://doi.org/10.1162/rest_a_00893) in May 2021.\n\n## Paper webpage\n\nThe paper is available at https://pascalmichaillat.org/11/. The phase diagrams appear in figures 1–6.\n\n## Situations described by the diagrams\n\nThe phase diagrams describe a range of situations:\n\n+ Normal times - The natural rate of interest is positive, and monetary policy is active.\n+ Zero lower bound (ZLB) - The natural rate of interest is negative, and the monetary-policy rate is zero.\n+ ZLB episode of finite duration - The economy is at the ZLB between time 0 and time $T$, and it returns to normal after time $T$.\n+ ZLB episode with forward guidance - The economy is at the ZLB between time 0 and time $T$. The economy is then in forward guidance between time $T$ and time $T + \\Delta$: the natural rate of interest is positive but the monetary-policy rate is zero. Finally, the economy returns to normal after time $T + \\Delta$. \n+ ZLB episode with government spending - The economy is at the ZLB between time 0 and time $T$. During the ZLB, government spending is positive. The economy returns to normal after time $T$.\n\n## Phase diagrams for the NK model\n\nThe phase diagrams for the New Keynesian model (NK) are stored in the `nk` folder. The diagrams are drawn by hand using Keynote and exported to PDF:\n\n+ `figure1A.key`, `figure1A.pdf` - Figure 1A: NK model in normal times\n+ `figure1C.key`, `figure1C.pdf` - Figure 1C: NK model at the ZLB\n+ `figure2A.key`, `figure2A.pdf` - Figure 2A: NK model with short ZLB episode\n+ `figure2C.key`, `figure2C.pdf` - Figure 2C: NK model with long ZLB episode\n+ `figure3A.key`, `figure3A.pdf` - Figure 3A: NK model in forward guidance\n+ `figure3B.key`, `figure3B.pdf` - Figure 3B: NK model with short forward guidance after  ZLB\n+ `figure3C.key`, `figure3C.pdf` - Figure 3C: NK model with medium forward guidance after ZLB\n+ `figure3D.key`, `figure3D.pdf` - Figure 3D: NK model with long forward guidance after ZLB\n+ `figure5A.key`, `figure5A.pdf` - Figure 5A: NK model at ZLB with no government spending\n+ `figure5B.key`, `figure5B.pdf` - Figure 5B: NK model at ZLB with low government spending\n+ `figure5C.key`, `figure5C.pdf` - Figure 5C: NK model at ZLB with medium government spending\n+ `figure5D.key`, `figure5D.pdf` - Figure 5D: NK model at ZLB with high government spending\n\n## Phase diagrams for the WUNK model\n\nThe phase diagrams for the New Keynesian model with wealth in the utility function (WUNK) are stored in the `wunk` folder. The diagrams are drawn by hand using Keynote and exported to PDF:\n\n+ `figure1B.key`, `figure1B.pdf` - Figure 1B: WUNK model in normal times \n+ `figure1D.key`, `figure1D.pdf` - Figure 1D: WUNK model at the ZLB \n+ `figure2B.key`, `figure2B.pdf` - Figure 2B: WUNK model with short ZLB episode \n+ `figure2D.key`, `figure2D.pdf` - Figure 2D: WUNK model with long ZLB episode \n+ `figure4A.key`, `figure4A.pdf` - Figure 4A: WUNK model in forward guidance \n+ `figure4B.key`, `figure4B.pdf` - Figure 4B: WUNK model with a short ZLB episode before forward guidance \n+ `figure4C.key`, `figure4C.pdf` - Figure 4C: WUNK model with a long ZLB episode before forward guidance \n+ `figure4D.key`, `figure4D.pdf` - Figure 4D: WUNK model with all possible ZLB and forward guidance durations \n+ `figure6A.key`, `figure6A.pdf` - Figure 6A: WUNK model at ZLB with no government spending \n+ `figure6B.key`, `figure6B.pdf` - Figure 6B: WUNK model at ZLB with low government spending \n+ `figure6C.key`, `figure6C.pdf` - Figure 6C: WUNK model at ZLB with medium government spending \n+ `figure6D.key`, `figure6D.pdf` - Figure 6D: WUNK model at ZLB with high government spending \n\n## License\n\nThis repository is licensed under the [Creative Commons Attribution 4.0 International License](http://creativecommons.org/licenses/by/4.0/).","project_url":"https://awesome.ecosyste.ms/api/v1/projects/github.com%2Fpmichaillat%2Fwunk-model","html_url":"https://awesome.ecosyste.ms/projects/github.com%2Fpmichaillat%2Fwunk-model","lists_url":"https://awesome.ecosyste.ms/api/v1/projects/github.com%2Fpmichaillat%2Fwunk-model/lists"}