Publications

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

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

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

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

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

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

Comment on 'The Household Channel of Monetary Policy in the Euro Area: A Back of the Envelope Calculation'

Ralph Luetticke

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