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Shocks, Frictions, and Inequality in US Business Cycles
We show how a heterogeneous-agent New-Keynesian (HANK) model with incom- plete markets and portfolio choice can be estimated in state …
Christian Bayer, Benjamin Born, Ralph Luetticke
Cite Code CEPR DP14364 Ungated VoxEU
Unconventional Fiscal Policy at Work
In an effort to stabilize the economy during the Covid-19 pandemic, the German government reduced value added taxes (VAT) by three …
Rüdiger Bachmann, Benjamin Born, Olga Goldfayn-Frank, Georgi Kocharkov, Ralph Luetticke, Michael Weber
Cite Ungated
A Temporary VAT Cut as Unconventional Fiscal Policy
We exploit the unexpected announcement of an immediate, temporary VAT cut in Germany in the second half of 2020 as a natural experiment …
Rüdiger Bachmann, Benjamin Born, Olga Goldfayn-Frank, Georgi Kocharkov, Ralph Luetticke, Michael Weber
Posted Nov 10, 2022
Cite NBER-WP29442 Ungated Feature @ BFI VoxEU
The Liquidity Channel of Fiscal Policy
We provide evidence that expansionary fiscal policy lowers return differences between public debt and less liquid assets—the liquidity …
Christian Bayer, Benjamin Born, Ralph Luetticke
Cite CEPR DP14883-2 Ungated VoxEU
The Coronavirus Stimulus Package: How large is the transfer multiplier?
In response to the COVID-19 pandemic, large parts of the economy were locked down and, as a result, households’ income risk rose …
Christian Bayer, Benjamin Born, Ralph Luetticke, Gernot J. Müller
Cite CEPR DP14600 Ungated VoxEU
Financial Frictions: Macro vs Micro Volatility
We introduce frictional financial intermediation into a HANK model. Households are subject to idiosyncratic and aggregate risk and …
Seungcheol Lee, Ralph Luetticke, Morten Ravn
Posted Aug 12, 2021
Cite CEPR DP15133 Ungated
Transmission of Monetary Policy with Heterogeneity in Household Portfolios
This paper assesses the importance of heterogeneity in household portfolios for the transmission of monetary policy in a New Keynesian …
Ralph Luetticke
Cite Published Version Ungated
Solving heterogeneous agent models in discrete time with many idiosyncratic states by perturbation methods
This paper describes a method for solving heterogeneous agent models with aggregate risk and many idiosyncratic states formulated in …
Christian Bayer, Ralph Luetticke
Cite Presentation Ungated Codes
Comment on 'The Household Channel of Monetary Policy in the Euro Area: A Back of the Envelope Calculation'
Ralph Luetticke
Cite Published Version Ungated
Precautionary Savings, Illiquid Assets, and the Aggregate Consequences of Shocks to Household Income Risk
Households face large income uncertainty that varies substantially over the business cycle. We examine the macroeconomic consequences …
Christian Bayer, Ralph Luetticke, Lien Pham-Dao, Volker Tjaden
Cite Published Version Ungated