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

Samya Aboutajdine, Borui N. Zhu: Conventional Monetary Policies for Unconventional Times: Tracking Monetary Policy Bounds Using Microheterogeneity
Paper, Discussion at the ASSA Annual Meeting, January 2024

Jiequn Han, Yucheng Yang, Weinan E: DeepHAM: A Global Solution Method for Heterogeneous Agent Models with Aggregate Shocks
Paper, Discussion at the 5th Conference on Nontraditional Data, Machine Learning, and Natural Language Processing in Macroeconomics, November 2023

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