Publications

Financial Frictions: Macro vs Micro Volatility
We argue that consumer credit spreads matter materially for household choices and that time-varying spreads have important …
Renato Faccini, Seungcheol Lee, Ralph Luetticke, Morten Ravn, Tobias Renkin
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Shocks, Frictions, and Inequality in US Business Cycles
We show how a heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice can be estimated in state …
Christian Bayer, Benjamin Born, Ralph Luetticke
Cite Code CEPR DP14364 Ungated 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
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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
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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
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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
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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
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Comment on 'The Household Channel of Monetary Policy in the Euro Area: A Back of the Envelope Calculation'
Ralph Luetticke
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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
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