Heterogeneous Agents in Macroeconomic Models

Prague, May 16–17, 2024

The Czech National Bank and CERGE-EI organized a conference on the topic of heterogeneous agent models in macroeconomics.


Thursday 16 May

8.30–9.00 Registration and coffee
Session 1. Chair: Edouard Challe (Paris School of Economics)
9.00–9.45 Serdar Birinci (Federal Reserve Bank of St Louis), Fatih Karahan, Yusuf Mercan, Kurt See: Labor Market Shocks and Monetary Policy (pdf, 2 MB)
Discussant: Ettore Savoia (Sveriges Riksbank) Discussion (pdf, 490 kB)
9.45–10.30 Volha Audzei (Czech National Bank), Ivan Sutóris: A Heterogenous-Agent Model of Energy Consumption and Energy Conservation (pdf, 263 kB)
Discussant: Massimiliano Pisani (Bank of Italy) Discussion (pdf, 370 kB)
10.30–11.00 Coffee break
Keynote speech 1. Chair: Edouard Challe (Paris School of Economics)
11.00–12.00  Vincent Sterk (University College London):
Cost-of-Living Shocks and Government Policies
Poster session
12.00–13.00 Sterc Ante (CERGE-EI), Othman Bouabdallah, Pascal Jacquinot: Tax Structures and Fiscal Multipliers in HANK Models
Naomi Cohen (Sciences Po): International Risk-Sharing and Inequality Transmission: An Application to the Euro Area
Lauri Esala (UPF and BSE): Supply Chain Dynamics with Search Frictions
Clara Lindemann (Goethe University), Sofia Semik, Mathias Trabandt:
Inflation, Inequality and the Business Cycle (pdf, 880 kB)
Selma Malmberg (Le Mans University and CEPREMAP): Income Tax Fluctuations and Uncertainty In France
Danilo Stojanovic (CERGE-EI): The 2003 Tax Reform and Corporate Payout Policy in the U.S.
13.00–14.00 Lunch
Keynote speech 2. Chair: Marek Kapička (CERGE-EI)
14.00–15.00 Jonathan Heathcote (Federal Reserve Bank of Minneapolis): Tax and Transfer Progressivity at the U.S. State Level (pdf, 1.3 MB)
15.00–15.15 Coffee break
Session 2. Chair: Xavier Ragot (Sciences Po)
15.15–16.00  Marcus Hagedorn (University of Oslo), Chek Choi, Juan Llavador, Kurt Mitman: Inflation Persistence and a New Phillips Curve
Discussant: Ctirad Slavik (CERGE-EI) Discussion (pdf, 125 kB)
16.00–16.45  Mathias Klein (Sveriges Riksbank), Edvin Ahlander,  Evi Pappa: When are supply curves far from the shallow? (pdf, 2 MB)
Discussant: Jan Brůha (Czech National Bank) Discussion (pdf, 379 kB)
16.45–17.00 Coffee break
Session 3. Chair: Jan Babecký (Czech National Bank)
17.00–17.45  Galo Nuño (Bank of Spain), Beatriz González Lopez, Dominik Thaler, Silvia Albrizio: Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy (pdf, 2.5 MB)
Discussant: Pierluca Pannella (Sao Paulo School of Economics- FGV) Discussion (pdf, 567 kB)
17.45–18.30 François Le Grand (Rennes School of Business), Thomas Bourany, Xavier Ragot: Non-Keynesian Stabilizers and Inflation Spirals (pdf, 1.2 MB)
Discussant: Gualtiero Azzalini (Stockholm School of Economics) Discussion (pdf, 225 kB)
19.30 Conference dinner (by invitation)

Friday 17 May

8.30–8.45 Coffee
Session 4. Chair: Volha Audzei (Czech National Bank)
8.45–9.30 Marco Bellifemine (London School of Economics), Adrien Couturier, Rustam Jamilov: Regional Keynesian Cross (pdf, 7.2 MB)
Discussant: Enisse Kharroubi (Bank for International Settlements)
9.30–10.15 Jirka Slačálek (European Central Bank), Filippo Pallotti, Gonzalo Paz-Pardo, Oreste Tristani, and Giovanni L. Violante: Who Bears the Costs of Inflation? Euro Area Households and the 2021-2022 Shock (pdf, 545 kB), paper
Discussant: Matija Lozej (Central Bank of Ireland) Discussion (pdf, 232 kB)
10.15–11.00 Michał Brzoza-Brzezina (Warsaw School of Economics and National Bank of Poland), Julia Jablonska, Marcin Kolasa: For Whom the Bill Tolls: Redistributive Consequences of a Monetary-Fiscal Stimulus (pdf, 600 kB)
Discussant: Alessandro Lin (Bank of Italy) Discussion (pdf, 1 MB)
11.00–11.30 Coffee break
Session 5. Chair: Volha Audzei (Czech National Bank)
11.30–12.15 Frederik Kurcz (DIW Berlin, Berlin School of Economics, and Free University Berlin): Quantifying the Fiscal Channel of Monetary Policy
Discussant: Michael Dobrew (European Central Bank) Discussion (pdf, 58 kB)
12.15–13.00 Ruben Dominguez Diaz (Bank of Spain), Donghai Zhang: The Macroeconomic Effects of Unemployment Insurance Extensions
Discussant: Brigitte Hochmuth (University of Bonn, Institute for Advanced Studies, Vienna) Discussion (pdf, 171 kB)
13.00–14.00 Lunch
Keynote speech 3. Chair: Xavier Ragot (Sciences Po)
14.00–15.00 Adrien Auclert (Stanford University): When do Endogenous Portfolios Matter for HANK? (pdf, 496 kB), paper (pdf)
15.00–15.15  Coffee
Session 6. Chair: Volha Audzei (Czech National Bank)
15.15–16.00 Árpád Ábrahám (University of Bristol), Pavel Brendler, Eva Carceles: Optimal Income Redistribution (pdf, 10 MB)
Discussant: Marcin Bielecki (National Bank of Poland) Discussion (pdf, 792 kB)
16.00–16.45 Yu-Ting Chiang (Federal Reserve Bank of St Louis), Piotr Zoch: Financial Intermediation and Aggregate Demand: A Sufficient Statistics Approach
Discussant: Natalie Kessler (Vrije Universiteit Amsterdam)
16.45 Adjourn

The program can be downloaded here: Program (pdf, 551 kB)

Scientific Committee

  • Volha Audzei (Czech National Bank)
  • Jan Brůha (Czech National Bank)
  • Edouard Challe (PSE and CEPR)
  • Axelle Ferriere (PSE and CEPR)
  • Xavier Ragot (Sciences Po and CEPR)
  • Federica Romei (University of Oxford and CEPR)

Local organizers

  • Volha Audzei (Czech National Bank)
  • Jan Brůha (Czech National Bank)