Currentworks

The Military Multiplier
How effectively does defense spending translate into military capability? We introduce the military multiplier, defined as the …
Anastasiia Antonova, Ralph Luetticke, Gernot Müller
Posted Mar 11, 2026
Cite CEPR DP20220 Ungated Presentation
Unconventional but Different After All? A Unified Series of Narrative Monetary Policy Shocks
We construct a unified series of narrative monetary policy shocks for the U.S. that spans both conventional and unconventional policy …
David Bügel, Albert Hidalgo, Ralph Luetticke
Posted Mar 10, 2026
Cite CEPR DP19163 Ungated Code for Shock Series
Inequality, Informality, and Optimal Progressivity
How should governments design progressive labor-income taxes when workers can shift labor supply into untaxed informal work? Using …
Oscar Becerra, Luigi-Maria Briglia, John Le’on-D’iaz, Oscar Valencia, Ralph Luetticke
Posted Feb 18, 2026
Cite CEPR DP21229 Ungated
The Great Leveler according to HANK
Using historical income and wealth data, we show that war reduces inequality: the top-1% income share falls by 20% and the top-1% …
Ralph Luetticke, Timothy Meyer, Gernot Müller, Moritz Schularick
Posted Nov 19, 2025
Cite Ungated
HANK's Response to Aggregate Uncertainty in an Estimated Business Cycle Model
This paper studies a HANK model with agents who respond to both idiosyncratic and aggregate uncertainty. Since aggregate uncertainty is …
Cosmin Ilut, Ralph Luetticke, Martin Schneider
Posted Dec 24, 2024
Cite NBER WP Ungated