Economist and Assistant Professor @uni_tue | Formerly @KOFETH @ETH @EconUniMannheim @GESSuniMannheim | Macro - Monetary - Fiscal - Econ History
Mannheim, Baden-Württemberg
Joined March 2020
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Lukas Hack retweeted
New at JIE: "Expert inflation preferences and the evaluation of monetary policy" by Timo Wochner (@TimoWochner), Lukas Hack (@LukasHack_) and Niklas Potrafke (@ifo_Institut)
doi.org/10.1016/j.jinteco.20…
Lukas Hack retweeted
We are hiring! The University of St Gallen invites applications for a tenure-track Assistant Professor position in macroeconomics (unisg.ch/de/forschung/offene…). Candidates working on applied topics and with a few years of post-doc experience are particularly encouraged to apply. 1/2
Lukas Hack retweeted
Update to this thread from the NBER SI: our paper is now out as CEPR DP21913. And it has grown: the paper now combines a method, a measurement, and a “new” model of household debt. ralphluetticke.com/files/BBL…
Today @nberpubs there is great stuff on the solution of HANK models by @GregWKaplan @JavierBianchi7 and @a_auclert @ludwigstraub Rognlie Rigato in the session of @ChristianKWolf @JesusFerna7026 @luigi_bocola.
This is exactly one of the questions of my ERC project: how far can we push perturbation HANK?
So let me share some thoughts and a simple new method that is as fast as a linear solution, but almost as accurate as the fully nonlinear transition.
Paper: ralphluetticke.com/files/Loc…
Code:
github.com/mweiss-econ/large…
🚨 I just started a new job as assistant professor at @uni_tue joining a great macro group with Gernot Müller and @RalphLuet.
I am very grateful to everyone who made this possible!
Watch out for many great macro papers coming from the southwest of Germany in the future!
What’s the optimal inflation rate? We know surprisingly little. Structural models provide a relatively wide range of estimates, with various channels playing a role.
We asked econ. experts, who may be able to aggregate various channels and model predictions into a final number
Accepted at @JIntlEcon!
What’s the optimal inflation rate? We know surprisingly little. Structural models provide a relatively wide range of estimates.
In our new paper (w/ @LukasHack_ & N. Potrafke), we ask economic experts globally what inflation rate they consider optimal. 🧵
Lukas Hack retweeted
Today @nberpubs there is great stuff on the solution of HANK models by @GregWKaplan @JavierBianchi7 and @a_auclert @ludwigstraub Rognlie Rigato in the session of @ChristianKWolf @JesusFerna7026 @luigi_bocola.
This is exactly one of the questions of my ERC project: how far can we push perturbation HANK?
So let me share some thoughts and a simple new method that is as fast as a linear solution, but almost as accurate as the fully nonlinear transition.
Paper: ralphluetticke.com/files/Loc…
Code:
github.com/mweiss-econ/large…
Lukas Hack retweeted
🚨 PhD position in Public Finance 🚨
I'm looking for a PhD student to work with me at @KOFETH_en/@ETH on international taxation: profit shifting, labor market effects of tax competition, and the political economy of international tax rules.
Deadline: 30 Sep 2026 ⬇️
Lukas Hack retweeted
Slides for a new paper are now on my site (and below).
"Shockingly simple monetary shocks".
Joint work with Mu-Chun Wang.
Abstract: We identify monetary policy shocks by imposing that they produce a positive, monotonically declining path for nominal rates. We impose no restrictions on other variables, nor do we rely on external information. Nonetheless, this produces IRFs closely resembling those produced using high frequency instruments, with no price puzzle. We justify these restrictions by showing both that they are satisfied in a benchmark medium-scale DSGE model, and by showing that they are satisfied under optimal policy in simple models. Our shocks produce a large, immediate drop in the price level. Thus, the rapid response of prices to monetary shocks observed in recent studies is not an artefact of high frequency identification.
It was a pleasure to present my paper „Loanly Governments“ (with Lukas Diebold) at the @nberpubs ISOM
Next stop SED in Athens, where I will present new work with @isaacbaley , Lora Pavlova, @almostcertainly and @javier_turen on frictional forecasts: July 2, 15:00-16:30, Alpha 32
@almostcertainly will also present joint work on macro news and price setting on July 4, 12:00-13:30, Alpha 25.
Lukas Hack retweeted
Now that I have your attention : )
Gernot Müller and I are looking for a Ph.D. student to work on
"Heterogeneous Expectations in HANK Models: Empirical Evidence, New Solution Methods, and Macroeconomic Implications.” For details check the Link.
Deadline is July 31, 2026.
ralphluetticke.com/files/PhD…
Lukas Hack retweeted
📢 New paper w/ @GregWKaplan 🧵1/10
How small is “small” for local-linear methods to deliver reliable answers in heterogeneous-agent models of fiscal stimulus?
Our answer: very small.
Lukas Hack retweeted
It's a wrap! Very proud to have hosted a fantastic workshop on new methods & models in macro. Two days, ten terrific talks, many lively debates on new models, computation, AI, rational expectation & RL, state/sequence/path space, and beyond. A thread on the talks & frontier🧵
Very much looking forward to the 𝐙𝐮𝐫𝐢𝐜𝐡 𝐐𝐮𝐚𝐧𝐭𝐢𝐭𝐚𝐭𝐢𝐯𝐞 𝐌𝐚𝐜𝐫𝐨 𝐖𝐨𝐫𝐤𝐬𝐡𝐨𝐩 next week! Excited to welcome an outstanding group of macroeconomists pushing the very frontier: Tom Sargent, @ben_moll, @a_auclert, @MarlonAzinovic, and many others! @Florian_Scheuer @comp_simon
Lukas Hack retweeted
Very much looking forward to the 𝐙𝐮𝐫𝐢𝐜𝐡 𝐐𝐮𝐚𝐧𝐭𝐢𝐭𝐚𝐭𝐢𝐯𝐞 𝐌𝐚𝐜𝐫𝐨 𝐖𝐨𝐫𝐤𝐬𝐡𝐨𝐩 next week! Excited to welcome an outstanding group of macroeconomists pushing the very frontier: Tom Sargent, @ben_moll, @a_auclert, @MarlonAzinovic, and many others! @Florian_Scheuer @comp_simon
Lukas Hack retweeted
We show in a #new #paper how to estimate the misallocation #costs associated with different #inflation #rates directly from micro price data.
👉Cool feature: it works without having to commit to specific pricing models & with lots of (unobserved) product heterogeneity!
🧵(1/N)
🛃 Call of customs duty 🛃
I am very happy to see this policy brief online!
We show that US import tariff increases are supply shocks that pose a substantial tradeoff for monetary policy!
Based on joint work with Alessandro Franconi!
#SUERFpolicybrief “Call of customs duty: How monetary policy shapes the macroeconomic consequences of tariffs" by Alessandro Franconi (@banquedefrance) and @LukasHack_ (@ETH)
📄 tinyurl.com/2whztaru
Lukas Hack retweeted
CEPR Monetary Economics and Fluctuations program meeting. Members and non-members alike are welcome to submit relevant work.
mailchi.mp/cepr/cfp-cepr-ann…
❓What are the consequences of the hostilities in the Middle East for the German economy?
1️⃣Experts expect the war to last for 1-3 months, keeping oil prices elevated at 100$
2️⃣German Inflation is expected to rise to 2.7% in 2026, calling for potential @ecb rate hike
Short🧵
✎Why 4.7%? The FMT survey asked for several war scenarios and the marginal effect of a 10-dollar increase in the oil price on inflation is 0.25 percentage points. So, 2.7% + 0.25% x (180-100)/10 = 4.7%, as a back-of-the-envelop calculation. 4/X
📜Maybe John H. Cochrane's cautionary words against another inflation surge may not be as unwarranted as I initially thought(lnkd.in/enuABe4V )
Caveat: Only 1/3 of the experts expect an @ecb interest rate hike, so restrictive monetary policy may dampen the impact END