Benjamin Moll Publications, working papersand work in progress Working Papers The Trouble with Rational Expectations in Heterogeneous Agent Models: A Challenge for Macroeconomics Slides, Video recording of early versionMedia: Financial Times Putting the ‘Finance’ into ‘Public Finance’: A Theory of Capital Gains Taxation with Mark Aguiar and Florian Scheuer Slides, Twitter summary threadMedia: New York Times, Frankfurter Allgemeine Zeitung, Marginal Revolution A Simple Mapping from MPCs to MPXs with David Laibson and Peter Maxted Saving Behavior across the Wealth Distribution: The Importance of Capital Gains with Andreas Fagereng, Martin Holm and Gisle Natvik revise & resubmit, Review of Economic StudiesOnline Appendix, Slides The Great Lockdown and the Big Stimulus: Tracing the Pandemic Possibility Frontier for the U.S. with Zhiyu Fu, Greg Kaplan and Gianluca Violante Online Appendix, Slides, Non-technical summary, Brief: Pigouvian taxes, Brief: occupation effects, Brief: CARES act, Write-up for Economics Observatory Publications Asset-Price RedistributionJournal of Political Economy, accepted with Andreas Fagereng, Matthieu Gomez, Emilien Gouin-Bonenfant, Martin Holm and Gisle Natvik Slides, Twitter summary thread, WFA NASDAQ Award for the Best Paper on Asset Pricing (2024) What if? The macroeconomic and distributional effects for Germany of a stop of energy imports from RussiaEconomica, 2024 with Rüdiger Bachmann, David Baqaee, Christian Bayer, Andreas Löschel, Moritz Kuhn, Andreas Peichl, Karen Pittel and Moritz Schularick Original March 2022 version, Deutsche Version, Small correction, Reception by Chancellor ScholzSlides, Video (Markus Academy), Video (Hoover), Latest version of Appendix, Supplement on Substitution, Review of other studies, Nontechnical summary (VoxEU), Replication materials, Follow-up paper for French CEAMedia: Zeit, NY Times I (Krugman), NY Times II (Krugman), FAZ, Süddeutsche, Spiegel, Handelsblatt I, Handelsblatt II, Chartbook (Tooze), Financial Times (Wolf), Guardian, Bild (Banerjee-Duflo interview), ARD Monitor, Economist (Leader), Economist (Free Exchange), FAZ (Geht doch)European Parliament hearing: slides and video What if? The Effects of a Hard Decoupling from China on the German EconomyCEPR Paris Report: Europe’s Economic Security, 2024 with David Baqaee, Julian Hinz, Moritz Schularick, Feodora Teti, Joschka Wanner, Sihwan Yang Shorter versions: Kiel Policy Brief in English, Kiel Policy Brief auf DeutschMedia: FAZ, Spiegel, Business Insider, Welt, ntv, Yahoo Present Bias Amplifies the Household Balance-Sheet Channels of Macroeconomic PolicyQuarterly Journal of Economics, 2024 with David Laibson and Peter Maxted Online Appendix, Slides, Replication materials The Power of Substitution: the Great German Gas Debate in RetrospectBrookings Papers on Economic Activity, 2023 with Moritz Schularick and Georg Zachmann Slides, Video (BPEA conference), Non-technical summary, PodcastMedia: Economist I, Financial Times, Marginal Revolution, Economist II, Le Monde, FAZ Focusing on gas storage levels distracts from what really matters: using less gasPerspektiven der Wirtschaftspolitik, 2022 Deutsche Version: “Volle Speicher reichen nicht” Comment on Bartscher, Kuhn, Schularick and Wachtel (2022) “Monetary Policy and Racial Inequality”Brookings Papers on Economic Activity, 2022 Slides, Video (BPEA conference) Uneven Growth: Automation’s Impact on Income and Wealth Inequality Econometrica, 2022 with Lukasz Rachel and Pascual Restrepo Online Appendix, Slides, Replication Materials (right-click to download)Hard-to-find reference: Meade (1964)One-picture summary of our main argument (courtesy of David Hémous) Income and Wealth Distribution in Macroeconomics: A Continuous-Time ApproachReview of Economic Studies, 2022 with Yves Achdou, Jiequn Han, Jean-Michel Lasry and Pierre-Louis Lions Supersedes earlier version “Heterogeneous Agent Models in Continuous Time” Online Appendix, Slides Online Appendix D “Viscosity Solutions for Dummies”, Replication Materials Website with codes for numerical solution (how to solve the stationary equilibrium of a Bewley model in Matlab in a quarter second) Hard-to-find reference: Ruttscheidt (2018), “Adaptive Sparse Grids for Solving Continuous Time Heterogeneous Agent Models” Comment on Hubmer, Krusell and Smith (2020) “Sources of U.S. Wealth Inequality: Past, Present, and Future”NBER Macroeconomics Annual, 2021 Slides A Further Look at the Propagation of Monetary Policy Shocks in HANK Journal of Money Credit and Banking, 2020 with Felipe Alves, Greg Kaplan and Gianluca Violante Online Appendix Optimal Development Policies with Financial FrictionsEconometrica, 2019 with Oleg Itskhoki VoxEU column: “Subsidizing Growth” Appendix A, Appendix B Also available as NBER Working Paper 19994 Monetary Policy According to HANKAmerican Economic Review, 2018 with Greg Kaplan and Gianluca Violante Online Appendix, Slides, Video, Podcast, HANK literature in one slide, Replication Materials, Computational Algorithm Also available as NBER Working Paper 21897 Supplement: A Note on Unconventional Monetary Policy in HANKNontechnical summary in IMF F&D Magazine: “The Very Model of Modern Monetary Policy”Media: NY Times, Financial Times When Inequality Matters for Macro and Macro Matters for Inequality NBER Macroeconomics Annual, 2018 with SeHyoun Ahn, Greg Kaplan, Tom Winberry and Christian Wolf Slides, Toolbox (Github), Example 1: using the toolbox to solve Krusell-Smith model, Example 2: using the toolbox to solve a one-asset HANK modelAlso available as NBER Working Paper 23494 Life-Cycle Wage Growth Across Countries Journal of Political Economy, 2018 with David Lagakos, Tommaso Porzio, Nancy Qian and Todd Schoellman Slides supersedes earlier version “Experience Matters” (NBER Working Paper 18602) data for experience-wage profiles in Figures 1 and 2 Life-Cycle Human Capital Accumulation Across Countries: Lessons From U.S. Immigrants Journal of Human Capital, Special Issue in Honor of Gary Becker, 2018 with David Lagakos, Tommaso Porzio, Nancy Qian and Todd Schoellman data for experience-wage profiles in Figures 1 and 2 Social Optima in Economies with Heterogeneous AgentsReview of Economic Dynamics, 2017 with Galo Nuño Economic Development, Flow of Funds and the Equilibrium Interaction of Financial Frictions Proceedings of the National Academy of Sciences, 2017 with Robert M. Townsend and Victor Zhorin The Dynamics of InequalityEconometrica, 2016 with Xavier Gabaix, Jean-Michel Lasry and Pierre-Louis Lions Online Appendix, Online Appendix 2, Slides Appendix E: The Dynamics of Wealth Inequality Also available as NBER Working Paper 21363 Related, just for fun: Pareto’s 1896 formulation of his distribution (see bottom/top p.304/305, eq (1), eq top of p.306. Pages from “Cours d’économie politique”) PDE Models in MacroeconomicsPhilosophical Transactions of the Royal Society A, 2014,themed issue on “PDE Models in the Socio-Economic Sciences” with Yves Achdou, Francisco J. Buera, Jean-Michel Lasry and Pierre-Louis Lions Economists may want to read this version with more economist-friendly notation. Related and hard-to-find reference: Kolmogorov, Petrovskii and Piskunov (1937) (Ch.6 in this book) Aggregate Implications of a Credit Crunch: The Importance of HeterogeneityAmerican Economic Journal: Macroeconomics, 2015 with Francisco J. Buera Productivity Losses from Financial Frictions: Can Self-financing Undo Capital Misallocation? American Economic Review, 2014 Online Appendix Extra Appendix 1: The Model in Discrete Time and with iid Shocks Extra Appendix 2: Closed Form Solution of a Neoclassical Growth Model with Capitalists and Workers MATLAB code for computing transition dynamics described in Appendix C Job market paper version (October 2010) Knowledge Growth and the Allocation of TimeJournal of Political Economy, 2014 with Robert E. Lucas, Jr. MATLAB codes for computing Balanced Growth Paths described in Section 3 Well-Intended Policies Review of Economic Dynamics, Special Issue on Misallocation, 2013 with Francisco J. Buera and Yongseok Shin Why Does Misallocation Persist? American Economic Journal: Macroeconomics, 2010 with Abhijit Banerjee Old Working Papers, Notes, and Policy Papers How it can be done (policy paper) with Rüdiger Bachmann, David Baqaee, Christian Bayer, Andreas Löschel, Moritz Kuhn, Ben McWilliams, Andreas Peichl, Karen Pittel, Moritz Schularick and Georg Zachmann Deutsche Version, Slides “Germany without Russian Gas” Supporting Ukraine with sanctions has been much less costly than many predicted – we should do more of it (policy paper) In CEPR e-book “Supporting Ukraine: More critical than ever” Note: Inequality and Financial Development: A Power-Law Kuznets Curve Creditor Rights, Inequality and Development in a Neoclassical Growth Model Capital Accumulation With Interdependent Countries