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.
Program
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)