⁵⁹A final critique of the Reis model is that, while its simplifying assumptions yield elegant and intuitive results, it is too stylized to be of much practical use in answering many questions beyond its narrow focus on matching aggregate smoothness. A fiscal policymaker who wants to understand how various alternative policies might play out over the course of the business cycle would have a difficult time extracting plausible answers to questions like “how much difference would it make to consumption if our fiscal stimulus took the form of extended unemployment benefits versus a temporary income tax cut.” Our model’s much greater fidelity to the microeconomic data means it might be able to provide at least somewhat plausible answers to these kinds of questions. (Our model is an example of the broader movement in macroeconomics in recent years away from the construction stylized analytical models like Reis’s to the construction of models that attempt to be taken seriously for a reasonable range of quantitative as well as qualitative predictions.)