Career

Maciej Sztachera

Maciej Sztachera
Job Market Candidate

  • Ph.D. in Economics, Goethe University (GSEFM), Germany, (Oct. 2021 - Jul. 2027) (expected)
  • Master of Science in Economics, Warsaw School of Economics (QEM), Poland, (Oct. 2019 - Jul. 2021)
  • Bachelor of Arts in Economics, Warsaw School of Economics, Poland, (Oct. 2016 - Jul. 2019) 
  • Bachelor of Arts in Finance and Accounting, Warsaw School of Economics, Poland, (Oct. 2016 - Jul. 2019)

  • Macroeconomics
  • Fiscal and Monetary Policy 
  • Subjective Expectations

Teaching Assistance 

  • Computational Economics (Master), Summer 2025, Summer 2026
  • Quantitative Macroeconomics and Numerical Methods (PhD), Winter 25/26, Winter 26/27

Supervision 

  • Bachelor’s theses (8)

Click here to download the CV.

Georg Dürnecker
Professor of Economics
Economic Policy and Quantitative Methods, Goethe University Frankfurt am Main
duernecker@econ.uni-frankfurt.de

Alexander Meyer-Gohde
Professor of Economics
Department of Money and Macroeconomics, Goethe University Frankfurt am Main
meyer-gohde@econ.uni-frankfurt.de

Emircan Yurdagul
Professor of Economics
Department of Economics, Universidad Carlos III de Madrid
emircan.yurdagul@uc3m.es

Mathias Trabandt 
Professor of Economics
Department of Money and Macroeconomics, Goethe University Frankfurt am Main
trabandt@econ.uni-frankfurt.de

Resolving the HANK Trilemma: The Role of Hours Complementarities

Abstract: Sticky-price heterogeneous-agent New Keynesian (HANK) models struggle to simultaneously match the empirical magnitudes of the average consumption response to unanticipated wealth shocks (MPC), the average short-run labor earnings response to these shocks (MPE), and the aggregate output response to government spending shocks. This tension is known as the Auclert–Bardóczy–Rognlie HANK trilemma. The canonical sticky-wage solution assumes uniform hours, which arise when workers' hours are perfect complements. However, existing empirical evidence shows that hours vary across workers and are gross but imperfect complements. In this paper, I introduce imperfect complementarity between hours into otherwise standard sticky-price and sticky-wage HANK models. Hours complementarities in the range of micro estimates close half to three-quarters of the gap between the baseline MPE and the data. They do so without inflating fiscal multipliers because they reduce the wealth effect of idiosyncratic but not aggregate shocks.

Attention to Interest Rates and Wealth Inequality with Georg Dürnecker

Abstract: We investigate how households' attention to interest rates varies with wealth and study its implications for wealth inequality. Using a representative panel of German households, we document a robust and pronounced wealth gradient in interest rate forecast accuracy, with low-wealth households making substantially less accurate forecasts. We provide evidence that the wealth gradient in forecast accuracy reflects differences in attention to interest rates across households. Moreover, we conduct an RCT in which we provide households with information about the average interest rate on deposit accounts in Germany and show that wealthier households revise their expectations less in response to the information, consistent with a higher degree of attention. We build a quantitative life-cycle model with endogenous attention to interest rates to study how heterogeneity in attention affects wealth accumulation and aggregate inequality.