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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
Posted Dec 3, 2024
Cite CEPR DP15133 New version Old version
A Temporary VAT Cut as Unconventional Fiscal Policy
We exploit Germany’s temporary three-percentage-point VAT cut in the second half of 2020 to study the spending response to …
Rüdiger Bachmann, Benjamin Born, Olga Goldfayn-Frank, Georgi Kocharkov, Ralph Luetticke, Michael Weber
Posted Sep 1, 2024
Cite Ungated Feature @ BFI VoxEU
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
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
An Endogenous Gridpoint Method for Distributional Dynamics
The histogram method (Young, 2010), while the standard approach for analyzing distributional dynamics in heterogeneous agent models, is …
Christian Bayer, Ralph Luetticke, Maximilian Weiss, Yannik Winkelmann
Posted Apr 4, 2024
Cite CEPR DP19067 Ungated Presentation Code
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