Currentworks

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 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
The Military Multiplier
What determines the effectiveness of military buildups? We introduce the concept of the military multiplier: the percentage increase in …
Anastasiia Antonova, Ralph Luetticke, Gernot Müller
Posted May 9, 2025
Cite CEPR DP20220 Ungated Presentation
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
Unconventional Monetary Policy Shocks and their Distributional Implications
We identify a novel series of unconventional monetary policy shocks for the U.S. by combining Romer and Romer’s narrative …
David Bügel, Albert Hidalgo, Ralph Luetticke
Posted Jun 14, 2024
Cite CEPR DP19163 Ungated Code