Research
Sequence-Space Jacobian v1.0 (a toolkit for solving and analyzing heterogeneous-agent macro models)
Research Statement (September 2023)
Working Papers
The Race Between Asset Supply and Asset Demand
(with Hannes Malmberg, Matthew Rognlie, and Ludwig Straub)
Latest draft August 2025
Prepared for the 2025 Jackson Hole Symposium
Demographics, Wealth, and Global Imbalances in the Twenty-First Century [slides] [video]
(with Hannes Malmberg, Frédéric Martenet, and Matthew Rognlie)
Latest draft August 2025
Resubmitted to the Review of Economic Studies
[Cross-country appendix] [December 2024 version] [November 2021 version]
Determinacy and Large-Scale Solutions in the Sequence Space
(with Evan Majic, Matthew Rognlie and Ludwig Straub)
Latest draft July 2025
Under revision for the JPE: Macroeconomics
[June 2023 note called "Determinacy and Existence in the Sequence Space"]
The Macroeconomics of Tariff Shocks
(with Matthew Rognlie and Ludwig Straub)
Latest draft April 2025
Optimal Long-Run Fiscal Policy with Heterogeneous Agents
(with Michael Cai, Matthew Rognlie and Ludwig Straub)
Latest draft September 2024
Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel [slides]
(with Matthew Rognlie, Martin Souchier and Ludwig Straub)
Latest draft August 2024
Under Revision for the American Economic Review
[May 2021 version]
When do Endogenous Portfolios Matter for HANK?
(with Matthew Rognlie, Ludwig Straub and Tomáš Ťapák)
Latest draft July 2024
Consumer Bankruptcy as Aggregate Demand Management
(with Kurt Mitman)
Latest draft September 2023
Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model [slides]
(with Matthew Rognlie and Ludwig Straub)
Latest draft March 2020
Under Revision for the American Economic Review
Inequality and Aggregate Demand [slides]
(with Matthew Rognlie)
Latest draft January 2020
[Computational appendix] [January 2018 version] [November 2016 version]
Macroeconomic Effects of Debt Relief: Consumer Bankruptcy Protections in the Great Recession [slides]
(with Will Dobbie and Paul Goldsmith-Pinkham)
Latest draft March 2019
Under Revision for the American Economic Review
Published and Forthcoming Articles
Fiscal and Monetary Policy with Heterogeneous Agents
(with Matthew Rognlie and Ludwig Straub)
Annual Review of Economics 17, pp. 539-562, August 2025
[Published version] [Code at GitHub]
HANK: A New Core of Usable Macroeconomics [slides]
American Economic Association Papers and Proceedings 115, pp.153-157, May 2025
[Published version]
The Intertemporal Keynesian Cross [slides]
(with Matthew Rognlie and Ludwig Straub)
Journal of Political Economy, 132(12), pp. 4068-4121, December 2024
[Published version] [May 2023 version] [August 2018 version] [Code at GitHub]
Managing an Energy Shock: Fiscal and Monetary Policy [slides]
(with Hugo Monnery, Matthew Rognlie, and Ludwig Straub)
in Heterogeneity in Macroeconomics: Implications for Monetary Policy, edited by Sofía Bauducco, Andrés Fernández, and Giovanni L. Violante, Santiago, Chile, pp. 39-108, November 2024
[Published version]
New Pricing Models, same Old Phillips Curves? [slides]
(with Rodolfo Rigato, Matthew Rognlie, and Ludwig Straub)
Quarterly Journal of Economics, 139(1), pp. 121-186, February 2024
[Published version] [Code at GitHub]
The Trickling Up of Excess Savings [slides]
(with Matthew Rognlie and Ludwig Straub)
American Economic Association Papers and Proceedings 113, pp. 70-75, May 2023
[Published version] [Code at GitHub]
Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies [slides]
(with Rishabh Aggarwal, Matthew Rognlie, and Ludwig Straub)
NBER Macroeconomics Annual 2022, vol. 37, pp. 325-412, May 2023
[Published version]
MPCs, MPEs, and Multipliers: A Trilemma for New Keynesian Models
(with Bence Bardóczy and Matthew Rognlie)
The Review of Economics and Statistics 105(3), pp. 700-712, May 2023
[Published version] [August 2017 version titled "A Note on Multipliers in NK models with GHH Preferences"]
Using the Sequence-Space Jacobian to Solve and Estimate Heterogeneous-Agent Models [slides]
(with Bence Bardóczy, Matthew Rognlie and Ludwig Straub)
Econometrica 89(5), pp. 2375–2408, September 2021
[Published version] [November 2020 version] [June 2019 version] [Code at GitHub]
Monetary Policy and the Redistribution Channel [slides]
American Economic Review 109(6), pp. 2333–2367, June 2019
[Published version] [May 2017 version] [January 2016 version] [Job Market Paper version]
Aggregate Demand and the Top 1% [slides]
(with Matthew Rognlie)
American Economic Review: Papers&Proceedings 107(5), pp. 588–592, May 2017
[Published version]
Unique Equilibrium in the Eaton-Gersovitz Model of Sovereign Debt
(with Matthew Rognlie)
Journal of Monetary Economics 84, pp. 134–146, December 2016
[Published version]
Older Working Papers
Monetary Union Begets Fiscal Union
(with Matthew Rognlie)
Latest draft August 2014