Thank you for your interest. Unfortunately, the 2022 Monetary and Fiscal Policy with Heterogeneity Master Class has been canceled.
About the Master Class
This four-day course is designed to familiarize economists with recent advances in the study of monetary and fiscal policy in the presence of heterogeneity. It is designed for researchers in central banks and other government and non-government agencies who wish to improve their understanding of state-of-the-art tools for incorporating income and wealth distributions into macroeconomic models, and the main policy lessons that have emerged from these models.
A growing literature argues that Heterogeneous Agent New Keynesian (HANK) models offer a useful framework for the analysis of macroeconomic shocks and policies. Advantages over traditional Representative Agent New Keynesian (RANK) models include the ability to study:
(i) new transmission mechanisms for monetary policy
(ii) the impacts of monetary and fiscal policy on wealth and income distributions
(iii) the conduct of policy in the presence of shocks that cannot be studied in the absence of heterogeneity
Many central banks have access to (or collect themselves) high-quality micro data on household and firm behavior. HANK models also open up the door to bringing this micro data to the table in order to empirically discipline macro theories.
A printable overview can be found here.
The $5,000 fee (payable in US dollars) includes tuition, course materials, coffee breaks, meals, and social programs. Enrollment is confirmed upon receipt of full payment. Cancellations made after May 6, 2022, are subject to a 25 percent fee. Hybrid options will be in place for virtual participation in the formal agenda.
COVID safety policies for the Booth London Campus can be found here. This course is designed for in-person interactions but participants may choose to engage virtually in the formal agenda.
Watch the Video Recap of the 2019 Master Class
About the Instructors
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.`
Kaplan 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 been a consultant at the Federal Reserve Bank of Philadelphia and the Federal Reserve Bank of Chicago, and has had a visiting position at the Reserve Bank of Australia. He is an Editor at the Journal of Political Economy, a Research Associate at the National Bureau of Economic Research and a Research Fellow at the Institute for Fiscal Studies.
Benjamin Moll is Professor of Economics at London School of Economics and Political Science. He is also a research affiliate at the Centre for Economic Policy Research. He has had visiting appointments in the Department of Economics at Harvard, New York University and Stanford. He is an associate editor at Econometrica.
Moll’s current research aims to improve our understanding of the causes of the unequally distributed growth observed in many developed countries and the macroeconomic and distributional consequences of both monetary and fiscal policy.