I am a Postdoctoral Researcher at the University of Tuebingen. I am partly funded by the ERC Starting Grant AIRMAC (agreement ID 101114991). I work in the area of macroeconomics with heterogeneity, using structural models that relate macro- and micro-level data. I hold a PhD in Economics from the University of Bonn.
Working papers
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An Endogenous Gridpoint Method for Distributional Dynamics (with Christian Bayer, University of Bonn, Ralph Luetticke, University of Tuebingen, Yannis Winkelmann, University of Tuebingen)
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Why Do Supply Disruptions Lead to Inflation? (with Thomas Kohler, Bochum University of Applied Sciences, Jean-Paul L’Huillier, Brandeis University, Gregory Phelan, Williams College)
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According to anecdotal accounts, firms tend to justify price increases as a need to cover cost increases. Standard pricing models imply that firms do not only adjust to cost increases, but also to changes in spending (such as pent-up demand). We present a model where this is not necessarily the case. Our framework relies on a novel asymmetry between firms and consumers, where firms have more precise information about aggregate shocks. We discipline the model using a survey of firms during the post-pandemic reopening of the German economy in March 2021. In a calibrated version of the model supply shocks are responsible for most of the upward adjustment of prices.
- PDF, SSRN
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Fundamental Stock Price Cycles
- Show Abstract
News shocks about higher future capital returns can explain stock price-booms and subsequent -busts in a two-asset, heterogeneous agent New Keynesian model. The portfolio choice between more liquid and less liquid forms of capital is key, as it allows for a time-varying illiquidity premium. The arrival of investment opportunities induces capital-rich households to hold more illiquid capital at a lower premium, in anticipation of higher future returns on it. The anticipated higher consumption risk due to less liquid portfolios increases the value of more liquid assets, like stocks. When capital returns mean-revert, capital-rich households rebalance their portfolios, which increases the illiquidity premium and causes stock prices to fall. Novel evidence from survey data on portfolio choices of capital-wealthy households during stock price boom-bust cycles supports the key mechanism of the model.
- PDF
Work in progress
- Disaster Risk and Wealth Inequality (with Alexander Dietrich, Danmarks Nationalbank, Gernot Müller, University of Tuebingen)
CV
You can find my CV here.