中文摘要
本文认为，家庭异质性在新兴市场经济体总量冲击的传导中发挥关键作用。以墨西哥1995年危机为案例，我记录到，家庭是在可贸易部门还是不可贸易部门工作，是决定收入与消费损失的关键因素：与不可贸易部门相关联的家庭遭受的损失显著更大，且不论其他特征如何。为解释这一事实，我构建了一个新凯恩斯小型开放经济模型，该模型具有两个维度的家庭异质性：不可保险的部门特定收入，以及有限的金融市场参与。这两个维度塑造了冲击的传导方式，通常放大冲击在不可贸易部门的影响，同时抑制其在可贸易部门的影响。在政策方面，当家庭具有异质性时，缺乏汇率灵活性所带来的福利成本更高，不过当政策被限制为简单利率规则时，各部门对此类灵活性的偏好会出现分化。
Abstract
I argue that household heterogeneity plays a key role in the transmission of aggregate shocks in emerging market economies. Using Mexico’s 1995 crisis as a case study, I document that whether a household works in the tradable or non-tradable sector is a crucial determinant of income and consumption losses: households tied to the non-tradable sector suffered substantially larger losses, regardless of other characteristics. To account for this fact, I build a New Keynesian small open economy model featuring two dimensions of household heterogeneity: uninsurable sector-specific income and limited participation in financial markets. Both dimensions shape how shocks propagate, typically amplifying their effects in the non-tradable sector while dampening them in the tradable sector. On the policy side, the welfare cost associated with lack of exchange rate flexibility is higher when households are heterogeneous, though sectoral preferences over such flexibility diverge when policy is restricted to simple interest rate rules.