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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
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 Published Version 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
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