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  • Joint European Central Bank/Centre for Economic Policy Research Workshop

Household heterogeneity in macroeconomics

Monday, 17 and Tuesday, 18 December 2018
ECB main building, Room C3.08/09, Frankfurt am Main


* indicates the presenter

Monday, 17 December 2018

Welcome address

Frank Smets, European Central Bank


Session I

Chair: Katrin Assenmacher, European Central Bank


Investment, financial frictions, and the dynamic effects of monetary policy

  • James Cloyne, University of California Davis, NBER and CEPR
  • Clodomiro Ferreira, Banco de España
  • Maren Froemel*, London Business School
  • Paolo Surico, London Business School and CEPR

Consumption dynamics under time-varying unemployment risk

  • Karl Harmenberg, Copenhagen Business School
  • Erik Öberg*, Uppsala University
Coffee break

Heterogeneity and determinacy – amplification without puzzles

Florin Bilbiie, University of Lausanne and CEPR


The intertemporal Keynesian cross

  • Adrien Auclert*, Stanford University and NBER
  • Matthew Rognlie, Northwestern University and NBER
  • Ludwig Straub, Harvard University
Lunch + poster session

Approximating equilibria with ex-post heterogenity and aggregate risk

Elisabeth Pröhl, University of Amsterdam and Tinbergen Institute

Automation, globalization and banishing jobs: A labor market sorting view

  • Ester Faia, Goethe University Frankfurt and CEPR
  • Maximilian Mayer*, Goethe University Frankfurt
  • Sébastien Laffitte, ENS Paris-Saclay and CREST
  • Gianmarco Ottaviano, London School of Economics, Bocconi University and CEPR

Housing, portfolio choice, and wealth accumulation over the life cycle

Gonzalo Paz Pardo, University College London

Heterogenous information choice in general equilibrium

  • Tobias Broer*, Stockholm University
  • Alexandre Kohlhas, IIES and Stockholm University
  • Kathrin Schlafmann, IIES
  • Kurt Mitman, IIES

Session II

Chair: Oreste Tristani, European Central Bank


Optimal Progressivity with Age-Dependent Taxation

  • Gianluca Violante*, Princeton University and NBER
  • Jonathan Heathcote, Federal Reserve Bank of Minneapolis and CEPR
  • Kjetil Storesletten, University of Oslo and CEPR

Wealth, wages and employment

  • José-Víctor Ríos-Rull*, University of Pennsylvania
  • Per Krusell, IIES and Stockholm University
  • Jinfeng Luo, University of Pennsylvania
Coffee break

MPC heterogeneity in Europe – sources and policy implications

  • Miguel Ampudia, European Central Bank
  • Russell Cooper*, European University Institute
  • Julia Le Blanc, Deutsche Bundesbank
  • Guozhong Zhu, University of Alberta

Sticky expectations and consumption dynamics

  • Christopher Carroll*, Johns Hopkins University
  • Edmund Crawley, Johns Hopkins University
  • Jiri Slacalek, European Central Bank
  • Kiichi Tokuoka, Ministry of Finance, Japan
  • Matthew N. White, University of Delaware
Tuesday, 18 December 2018

Session III

Chair: Diego Rodriguez Palenzuela, European Central Bank


Solving models with heterogeneous agents: How far did we get?

Wouter Den Haan, London School of Economics


A comprehensive quantitative theory of the U.S. wealth distribution

  • Per Krusell*, IEES and Stockholm University
  • Joachim Hubmer, Yale University
  • Anthony A. Smith, Jr., Yale University
Coffee break

The distributional implications of fiscal devaluations

Marta Giagheddu, Johns Hopkins University


Monetary policy with heterogeneous agents – insights from TANK models

  • Davide Debortoli*, CREI, UPF and Barcelona GSE
  • Jordi Galí, CREI, UPF and Barcelona GSE

Optimal monetary policy with heterogeneous agents

  • Galo Nuno*, Banco de España
  • Carlos Thomas, Banco de España
End of workshop

This programme may be subject to change without notice.

General information

Conference venue

European Central Bank
Main building
Sonnemannstrasse 20
60314 Frankfurt am Main

+49 69 1344 0
Fax: +49 69 1344 6000


Participants are requested to arrange their own transfers, unless indicated otherwise.

Workshop language


Website CEPR
Call for Papers

Joint ECB/CEPR Workshop on household heterogeneity in macroeconomics

17-18 December 2018, Frankfurt am Main

The European Central Bank’s Directorate General Research and Directorate General Economics, together with the CEPR, will hold a workshop on household heterogeneity in macroeconomics in Frankfurt am Main on 17 and 18 December 2018.

Before the financial crisis, most macroeconomic models were based on a single representative agent. However, the Great Recession has shown that it is extremely important to consider agents’ heterogeneity and changes in households’ income and wealth distribution when addressing key features of the data and the impact of policy on economic welfare.

During this workshop we will focus on improving our understanding of how monetary policy and other economic policies affect the economy when realistic levels of heterogeneity across households and firms are acknowledged. Studying monetary models with heterogeneous agents more closely could help us shed new light on these aspects of the monetary transmission mechanism. More broadly, it is important for policymakers to understand and monitor the effects of macroeconomic policies on different groups within the economy.

This workshop provides a forum for theoretical and applied research and focuses on the interaction between household heterogeneity and macroeconomic developments. It will benefit from the confirmed participation of leading academics in the field, such as Wouter Den Haan, Per Krusell, Victor Rios-Rull and Giovanni Violante.

The organisers encourage submissions in the following broad areas:

  • household heterogeneity and the monetary transmission mechanism
  • household consumption, saving and portfolio choice
  • the housing market, mortgages and aggregate shocks
  • the distributional consequences of monetary policy, both conventional and unconventional
  • methods for solving models with heterogeneous agents

The workshop is not limited to the topics listed above; submissions from all areas of macroeconomics are welcome.


Authors interested in taking part are invited to submit their papers to Workshop.Heterogeneity.Macroeconomic.Models@ecb.europa.eu. The deadline for submitting the extended abstract or completed draft (strongly preferred) of the paper is 20 September 2018. Authors of accepted papers will be notified by 31 October 2018.


The travel and accommodation expenses of all attendees, presenters of accepted papers and discussants are to be covered by their own ESCB entity or EU or international financial institution. Attendance costs for participants from academic institutions may be reimbursed by the organisers on request. No conference fees will be charged.

Attending the workshop

The invitation to attend the workshop is extended to members of any EU or international financial institution (e.g. the Bank for International Settlements, the Federal Reserve System and the International Monetary Fund) working on topics related to the content of the workshop. Owing to restrictions on space, however, places will be limited to one participant per institution (not including those presenting papers).

Organising committee

  • Wouter Den Haan (London School of Economics and Centre for Economic Policy Research)
  • Katrin Assenmacher (European Central Bank)
  • Maarten Dossche (European Central Bank)
  • Luca Onorante (European Central Bank)
  • Diego Rodriguez Palenzuela (European Central Bank)
  • Jirka Slacalek (European Central Bank)