Matthew Rognlie

Adrien Auclert · Hannes Malmberg · Frédéric Martenet · Matthew Rognlie

A popular argument — the "asset market meltdown" of the 1990s, revived as the "great demographic reversal" — holds that once the old start running down their savings, aging will push interest rates …

Adrien Auclert · Evan Majic · Matthew Rognlie · Ludwig Straub

Auclert, Majic, Rognlie, and Straub show that the sequence-space Jacobians used to solve macro models with rich heterogeneity have a special "quasi-Toeplitz" mathematical structure, which yields a …

Rishabh Aggarwal · Adrien Auclert · Matthew Rognlie · Ludwig Straub

In a multi-country heterogeneous-agent New Keynesian model, debt-financed fiscal transfers eventually raise the world interest rate and are entirely absorbed by foreign lenders, but in the short run a …

Adrien Auclert · Matthew Rognlie · Martin Souchier · Ludwig Straub

Introducing heterogeneous households with realistically high marginal propensities to consume into an otherwise-standard small open economy New Keynesian model creates a powerful real income channel …

Adrien Auclert · Matthew Rognlie · Ludwig Straub

Auclert, Rognlie, and Straub review a decade of Heterogeneous-Agent New Keynesian (HANK) research through a single canonical model, showing that monetary and balanced-budget fiscal policy have …

Adrien Auclert · Rodolfo Rigato · Matthew Rognlie · Ludwig Straub

This paper extends the "certainty equivalence" shortcut that makes first-order sequence-space methods fast for heterogeneous-agent models to second and third order, showing that these higher-order …

Adrien Auclert · Hugo Monnery · Matthew Rognlie · Ludwig Straub

In a heterogeneous-agent New Keynesian model of an energy-importing small open economy, realistically high MPCs combined with a realistically low elasticity of substitution between energy and other …

Adrien Auclert · Matthew Rognlie · Ludwig Straub

Estimating a heterogeneous-agent New Keynesian model with "sticky expectations" that simultaneously matches households' large immediate marginal propensities to consume and the hump-shaped aggregate …

Adrien Auclert · Bence Bardóczy · Matthew Rognlie

This paper shows that New Keynesian models with frictionless labor supply cannot simultaneously match three well-established empirical facts -- high marginal propensities to consume, low marginal …

Thomas Winberry · Adrien Auclert · Matthew Rognlie · Ludwig Straub

Winberry, Auclert, Rognlie, and Straub extend the Heterogeneous-Agent New Keynesian framework from households to firms, building a canonical heterogeneous-firm model with financial frictions in which …

Adrien Auclert · Michael Cai · Matthew Rognlie · Ludwig Straub

Using a new sequence-space method for characterizing the long-run ("Ramsey") steady state of dynamic optimal-taxation problems, this paper finds that for standard calibrations of Aiyagari (1995)-style …

Adrien Auclert · Matthew Rognlie · Ludwig Straub

This paper derives an "intertemporal Keynesian cross" showing that intertemporal marginal propensities to consume (iMPCs) are sufficient statistics for the output response of fiscal policy in …

Adrien Auclert · Bence Bardóczy · Matthew Rognlie · Ludwig Straub

Auclert, Bardóczy, Rognlie, and Straub introduce the "sequence-space Jacobian," a fast algorithm for computing the first-order derivatives of general-equilibrium heterogeneous-agent models with …

Adrien Auclert · Matthew Rognlie · Ludwig Straub · Tomáš Ťapák

Most heterogeneous-agent New Keynesian (HANK) models take household portfolios as exogenously fixed. This paper develops a sequence-space method for solving instead for endogenous, risk-hedging …