Assistant Professor of Economics

Department of Economics

University College London


Ralph Luetticke is an Assistant Professor of Economics at UCL and affiliated with CEPR and CfM.

Full CV.


  • Business Cycles
  • Computational Methods
  • Financial Frictions
  • Fiscal and Monetary Policy


  • PhD in Economics, 2016

    University of Bonn, Germany

  • MSc in Economics, 2014

    University of Bonn, Germany

  • BSc in International Economics, 2010

    University of Maastricht, The Netherlands

Current Work

(2020). Financial Frictions: Macro vs Micro Volatility.

CEPR DP15133 Ungated

(2020). The Coronavirus Stimulus Package: How large is the transfer multiplier?.

CEPR DP14600 Ungated VoxEU

(2020). The Liquidity Channel of Fiscal Policy.

CEPR DP14883 Ungated

(2020). Shocks, Frictions, and Inequality in US Business Cycles.

Code CEPR DP14364 Ungated VoxEU


(2020). Solving heterogeneous agent models in discrete time with many idiosyncratic states by perturbation methods. Quantitative Economics, 11, pp. 1253-1288.

Presentation Ungated Codes

(2020). Transmission of Monetary Policy with Heterogeneity in Household Portfolios. American Economic Journal: Macroeconomics, forthcoming.

Published Version Ungated

(2020). Comment on 'The Household Channel of Monetary Policy in the Euro Area: A Back of the Envelope Calculation'. Journal of Economic Dynamics and Control, 115, 103880.

Published Version Ungated

(2019). Precautionary Savings, Illiquid Assets, and the Aggregate Consequences of Shocks to Household Income Risk. Econometrica, 87, pp. 255-290.

Published Version Ungated


Autumn 2020

  • Macroeconomics (MRes)
  • Economic Policy Analysis (BSc)

Past Teaching

Macroeconomics and Computational Methods at all levels.

Perturbation Methods for Heterogeneous Agent Models

The following lecture is a short-course on how to use perturbation methods to solve heterogeneous agent models.

You can find the codes to implement this on GitHub as well:

Comparison of Perturbation vs MIT shock solution for Krusell-Smith model (Matlab)

Perturbation solution with our reduction method for Krusell-Smith and HANK models (Matlab)

Perturbation solution with our reduction method for HANK models (Python)

Perturbation solution with our reduction method for estimating HANK models (Julia)

Thesis Supervision

I supervise theses in the area of macroeconomics. To apply for supervision, please email me an up-to-date transcript, a short CV, and a rough description of what you are interested in.


  • 30 Gordon Street, London, WC1H 0AX
  • Upon appointment via email