# Publications Search Within Results Search Within Results search ## 21 results Show filters filter\_alt Sort by Year of PublicationAlphabetical A-Z sort ## 21 results Download 21 citations download- [BibTeX](/node/700826/export?format=bibtex) - [EndNote X3 XML](/node/700826/export?format=endnote8) - [EndNote 7 XML](/node/700826/export?format=endnote7) - [Endnote tagged](/node/700826/export?format=tagged) - [Marc](/node/700826/export?format=marc) - [PubMedId](/node/700826/export?format=pubmed_id) - [RIS](/node/700826/export?format=ris) ### Working Paper Atif Mian, Ludwig Straub, and Amir Sufi. “[A Goldilocks Theory of Fiscal Deficits](/publications/goldilocks-theory-fiscal-policy)” Atif Mian, Ludwig Straub, and Amir Sufi. “[A Goldilocks Theory of Fiscal Deficits](/publications/goldilocks-theory-fiscal-policy)” - add\_circle do\_not\_disturb\_on Abstract This paper proposes a tractable framework to analyze fiscal space and the dynamics of government debt, with a possibly binding zero lower bound (ZLB) constraint. Without the ZLB, a greater primary deficit unambiguously raises debt. However, debt need not... Adrien Auclert, Matthew Rognlie, Martin Souchier, and Ludwig Straub. “[Exchange Rates and Monetary Policy With Heterogeneous Agents: Sizing up the Real Income Channel](/publications/exchange-rates-and-monetary-policy-heterogeneous-agents-sizing-real-income)” Adrien Auclert, Matthew Rognlie, Martin Souchier, and Ludwig Straub. “[Exchange Rates and Monetary Policy With Heterogeneous Agents: Sizing up the Real Income Channel](/publications/exchange-rates-and-monetary-policy-heterogeneous-agents-sizing-real-income)” - add\_circle do\_not\_disturb\_on Abstract Introducing heterogeneous households to a New Keynesian small open economy model amplifies the real income channel of exchange rates: the rise in import prices from a depreciation lowers households’ real incomes, and leads them to cut back on spending... Adrien Auclert, Rodolfo Rigato, Matthew Rognlie, and Ludwig Straub. “[New Pricing Models, Same Old Phillips Curves?](/publications/new-pricing-models-same-old-phillips-curves)” Adrien Auclert, Rodolfo Rigato, Matthew Rognlie, and Ludwig Straub. “[New Pricing Models, Same Old Phillips Curves?](/publications/new-pricing-models-same-old-phillips-curves)” - add\_circle do\_not\_disturb\_on Abstract We show that, in a broad class of menu cost models, the first-order dynamics of aggregate inflation in response to arbitrary shocks to aggregate costs are nearly the same as in Calvo models with suitably chosen Calvo adjustment frequencies. We first... Asger Andersen, Emil Toft Hansen, Kilian Huber, Niels Johannesen, and Ludwig Straub. “[Disaggregated Economic Accounts](/publications/disaggregated-economic-accounts)” Asger Andersen, Emil Toft Hansen, Kilian Huber, Niels Johannesen, and Ludwig Straub. “[Disaggregated Economic Accounts](/publications/disaggregated-economic-accounts)” - add\_circle do\_not\_disturb\_on Abstract We develop and analyze a new system of disaggregated economic accounts. The system breaks down national accounting positions into bilateral flows among consistently defined subgroups of consumers (“consumer cells”), subgroups of producers (“producer cells... ### 2023 Ludwig Straub and Robert Ulbricht. 2023. “[Endogenous Uncertainty and Credit Crunches](/publications/endogenous-uncertainty-and-credit-crunches)” Ludwig Straub and Robert Ulbricht. 2023. “[Endogenous Uncertainty and Credit Crunches](/publications/endogenous-uncertainty-and-credit-crunches)” - add\_circle do\_not\_disturb\_on Abstract We develop a theory of endogenous uncertainty in which the ability of investors to learn about firm-level fundamentals is impaired during financial crises. At the same time, higher uncertainty reinforces financial distress. Through this two-way feedback... Adrien Auclert, Matthew Rognlie, and Ludwig Straub. 2023. “[The Trickling Up of Excess Savings](/publications/trickling-excess-savings)” Adrien Auclert, Matthew Rognlie, and Ludwig Straub. 2023. “[The Trickling Up of Excess Savings](/publications/trickling-excess-savings)” - add\_circle do\_not\_disturb\_on Abstract - [ picture\_as\_pdfDownload Paper](/sites/g/files/omnuum7751/files/straub/files/tricklingup.pdf) We provide a simple framework connecting the distribution of excess savings across households to the dynamics of aggregate demand. Deficit-financed fiscal transfers generate excess savings. The poorest households with the highest MPCs spend down their... - [ picture\_as\_pdfDownload Paper](/sites/g/files/omnuum7751/files/straub/files/tricklingup.pdf) ### 2022 Ludwig Straub and Iván Werning. 2022. “[Positive Long-Run Capital Taxation: Chamley-Judd Revisited](/publications/positive-long-run-capital-taxation-chamley-judd-revisited)” Ludwig Straub and Iván Werning. 2022. “[Positive Long-Run Capital Taxation: Chamley-Judd Revisited](/publications/positive-long-run-capital-taxation-chamley-judd-revisited)” - add\_circle do\_not\_disturb\_on Abstract - [ descriptionPublisher's Version](https://www.aeaweb.org/articles?id=10.1257/aer.20150210) - [ picture\_as\_pdfDownload Paper](/sites/g/files/omnuum7751/files/straub/files/chamley-judd-revisited_june_2018.pdf) - [ picture\_as\_pdfPublished Version](/sites/g/files/omnuum7751/files/straub/files/straub_werning_2020_aer.pdf) According to the Chamley-Judd result, capital should not be taxed in the long run. In this paper, we overturn this conclusion, showing that it does not follow from the very models used to derive it. For the main model in Judd (1985), we prove that the... - [ descriptionPublisher's Version](https://www.aeaweb.org/articles?id=10.1257/aer.20150210) - [ picture\_as\_pdfDownload Paper](/sites/g/files/omnuum7751/files/straub/files/chamley-judd-revisited_june_2018.pdf) - [ picture\_as\_pdfPublished Version](/sites/g/files/omnuum7751/files/straub/files/straub_werning_2020_aer.pdf) Veronica Guerrieri, Guido Lorenzoni, Ludwig Straub, and Ivan Werning. 2022. “[Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages](/publications/macroeconomic-implications-covid-19-can-negative-supply-shocks-cause-demand)” Veronica Guerrieri, Guido Lorenzoni, Ludwig Straub, and Ivan Werning. 2022. “[Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages](/publications/macroeconomic-implications-covid-19-can-negative-supply-shocks-cause-demand)” - add\_circle do\_not\_disturb\_on Abstract - [ descriptionPublisher's Version](https://www.aeaweb.org/articles?id=10.1257/aer.20201063) - [ picture\_as\_pdfDownload Paper](/sites/g/files/omnuum7751/files/straub/files/glsw_covid.pdf) - [ picture\_as\_pdfSlides](/sites/g/files/omnuum7751/files/straub/files/covid19_supply_demand_slides.pdf) - [ picture\_as\_pdfPublished Version](/sites/g/files/omnuum7751/files/straub/files/glsw_published.pdf) Motivated by the effects of the Covid-19 pandemic, we present a theory of Keynesian supply shocks: shocks that reduce potential output in a sector of the economy, but that, by reducing demand in other sectors, ultimately push aggregate activity below... - [ descriptionPublisher's Version](https://www.aeaweb.org/articles?id=10.1257/aer.20201063) - [ picture\_as\_pdfDownload Paper](/sites/g/files/omnuum7751/files/straub/files/glsw_covid.pdf) - [ picture\_as\_pdfSlides](/sites/g/files/omnuum7751/files/straub/files/covid19_supply_demand_slides.pdf) - [ picture\_as\_pdfPublished Version](/sites/g/files/omnuum7751/files/straub/files/glsw_published.pdf) Rishabh Aggarwal, Adrien Auclert, Matthew Rognlie, and Ludwig Straub. 2022. “[Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies](/publications/excess-savings-and-twin-deficits-transmission-fiscal-stimulus-open-economies)” Rishabh Aggarwal, Adrien Auclert, Matthew Rognlie, and Ludwig Straub. 2022. “[Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies](/publications/excess-savings-and-twin-deficits-transmission-fiscal-stimulus-open-economies)” - add\_circle do\_not\_disturb\_on Abstract - [ picture\_as\_pdfDownload Paper](/sites/g/files/omnuum7751/files/straub/files/excess_savings_twin_deficits.pdf) We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth everywhere... - [ picture\_as\_pdfDownload Paper](/sites/g/files/omnuum7751/files/straub/files/excess_savings_twin_deficits.pdf) ### 2021 Sebastián Fanelli and Ludwig Straub. 2021. “[A Theory of Foreign Exchange Interventions](/publications/theory-foreign-exchange-interventions)” Sebastián Fanelli and Ludwig Straub. 2021. “[A Theory of Foreign Exchange Interventions](/publications/theory-foreign-exchange-interventions)” - add\_circle do\_not\_disturb\_on Abstract - [ descriptionPublisher's Version](https://doi.org/10.1093/restud/rdab013) - [ picture\_as\_pdfDownload Paper](/sites/g/files/omnuum7751/files/straub/files/fxi_final_update.pdf) - [ picture\_as\_pdfPublished Version](/sites/g/files/omnuum7751/files/straub/files/fxi_published.pdf) We study a real small open economy with two key ingredients: (i) partial segmentation of home and foreign bond markets and (ii) a pecuniary externality that makes the real exchange rate excessively volatile in response to capital flows. Partial... - [ descriptionPublisher's Version](https://doi.org/10.1093/restud/rdab013) - [ picture\_as\_pdfDownload Paper](/sites/g/files/omnuum7751/files/straub/files/fxi_final_update.pdf) - [ picture\_as\_pdfPublished Version](/sites/g/files/omnuum7751/files/straub/files/fxi_published.pdf) Michael Fishman, Jonathan Parker, and Ludwig Straub. 2021. “[A Dynamic Theory of Lending Standards](/publications/dynamic-theory-lending-standards)” Michael Fishman, Jonathan Parker, and Ludwig Straub. 2021. “[A Dynamic Theory of Lending Standards](/publications/dynamic-theory-lending-standards)” - add\_circle do\_not\_disturb\_on Abstract We propose a dynamic model of credit markets, in which there is a novel two-way interaction between lending standards and the quality composition of the borrower pool. Borrowers can be of high or low types, and each lender privately decides on its *lending*... Adrien Auclert, Bence Bardóczy, Matthew Rognlie, and Ludwig Straub. 2021. “[Using the Sequence-Space Jacobian to Solve and Estimate Heterogeneous-Agent Models](/publications/using-sequence-space-solve-and-estimate-heterogeneous-agent-models)” Adrien Auclert, Bence Bardóczy, Matthew Rognlie, and Ludwig Straub. 2021. “[Using the Sequence-Space Jacobian to Solve and Estimate Heterogeneous-Agent Models](/publications/using-sequence-space-solve-and-estimate-heterogeneous-agent-models)” - add\_circle do\_not\_disturb\_on Abstract - [ descriptionPublisher's Version](https://www.econometricsociety.org/publications/econometrica/2021/09/01/using-sequence-space-jacobian-solve-and-estimate-heterogeneous) - [ picture\_as\_pdfDownload Paper](/sites/g/files/omnuum7751/files/straub/files/sequence_space_jacobian.pdf) - [ picture\_as\_pdfSlides](/sites/g/files/omnuum7751/files/straub/files/sequence_slides.pdf) - [ picture\_as\_pdfPublished Version](/sites/g/files/omnuum7751/files/straub/files/sequence_space_jacobian_published.pdf) We propose a general and highly efficient method for solving and estimating general equilibrium heterogeneous‐agent models with aggregate shocks in discrete time. Our approach relies on the rapid computation of sequence‐space Jacobians—the derivatives of... - [ descriptionPublisher's Version](https://www.econometricsociety.org/publications/econometrica/2021/09/01/using-sequence-space-jacobian-solve-and-estimate-heterogeneous) - [ picture\_as\_pdfDownload Paper](/sites/g/files/omnuum7751/files/straub/files/sequence_space_jacobian.pdf) - [ picture\_as\_pdfSlides](/sites/g/files/omnuum7751/files/straub/files/sequence_slides.pdf) - [ picture\_as\_pdfPublished Version](/sites/g/files/omnuum7751/files/straub/files/sequence_space_jacobian_published.pdf) - Previous page chevron\_left - [1](?page=0 "Current page") - [2](?page=1 "Go to page 2") - [ Next page chevron\_right ](?page=1 "Go to next page")