Bence Bardóczy

Bence Bardóczy


Federal Reserve Board


I am a macroeconomist in the Macroeconomic and Quantitative Studies section of the Federal Reserve Board of Governors. My research focuses on how micro heterogeneity interacts with the macroeconomy and affects economic policy.

I am a developer of Sequence-Space Jacobian. A Python toolkit for analyzing dynamic macroeconomic models with (or without) rich microeconomic heterogeneity.

This is a personal website. The views expressed on this website are my own and do not necessarily reflect those of the Board of Governors or the Federal Reserve System.


  • Macroeconomics
  • Monetary Policy
  • Labor Economics
  • Computational Methods


  • PhD in Economics, 2021

    Northwestern University

  • MSc in Economics, 2015

    Institute for Advanced Studies, Vienna

  • BSc in Economic Analysis, 2012

    Corvinus University of Budapest


(2021). MPCs, MPEs, and Multipliers: A Trilemma for New Keynesian Models. The Review of Economics and Statistics 105(3), pp. 700-712.


(2021). Using the Sequence-Space Jacobian to Solve and Estimate Heterogeneous-Agent Models. Econometrica 89(5), pp. 2375–2408.

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Conference Discussions

Beatriz González, Galo Nuño, Dominik Thaler, Silvia Albrizio: Firm Heterogeneity, Capital Misallocation, and Optimal Monetary Policy
Paper, Discussion at the International Research Forum on Monetary Policy, May 2022

Munseob Lee, Claudia Macaluso, Felipe Schwartzman: Minority Unemployment, Inflation, and Monetary Policy
Paper, Discussion at the Federal Reserve System Macro Meeting, November 2021