Monetary and Fiscal Policy with Heterogeneous Agents



Greg Kaplan (University of Chicago)



11 - 15 September 2017



15:30 to 19:00

Intended for


Researchers and academics with an interest in monetary and fiscal policy.



First-year graduate-level macroeconomics. Familiarity with a numerical programming language such as Matlab, Fortran, Python, or Julia.



This class covers recent advances in the study of monetary and fiscal policy in the presence of heterogeneity. Students will be introduced to Heterogeneous Agent New Keynesian (HANK) models. We will study computational techniques for solving these models, both with and without aggregate shocks. We will then apply these tools to study various issues in monetary and fiscal policy.



One-asset heterogeneous agent models in discrete and continuous time
Computational tools for heterogeneous-agent models in discrete and continuous time
Two asset heterogeneous-agent models
Fiscal policy: marginal propensities to consume, hand-to-mouth households
Monetary policy: HANK models, forward guidance
Computational tools for heterogeneous agent models with aggregate shocks


Greg Kaplan is Professor of Economics at the University of Chicago. His research spans macroeconomics, labor economics, and applied microeconomics, with a focus on the distributional consequences of economic policies and economic forces. He has published extensively on the topics of inequality, risk sharing, unemployment, household formation, migration, fiscal policy, and monetary policy. Greg was previously Professor and Assistant Professor in the Department of Economics at Princeton University, Assistant Professor in the Department of Economics at the University of Pennsylvania, and an Economist in the Research Department of the Federal Reserve Bank of Minneapolis. He has held visiting positions at the University of New South Wales and the Reserve Bank of Australia. He is an Editor at the Review of Economic Dynamics, a Research Associate at the National Bureau of Economic Research and a Research Fellow at the Institute for Fiscal Studies. Greg received a PhD from New York University in 2009, an MSc from the London School of Economics in 2002 and a BCom (Hons) from Macquarie University in 2000.


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