Employee Profile

Karl Harmenberg

Postdoctoral Fellow - Department of Economics


Karl Harmenberg is a macroeconomist. See karlharmenberg.com for more info!

Area of Expertise


Boppart, Timo; Harmenberg, Karl, Krusell, Per & Olsson, Jonna (2022)

Integrated epi-econ assessment of vaccination

Journal of Economic Dynamics and Control Doi: 10.1016/j.jedc.2022.104308

Harmenberg, Karl & Öberg, Erik (2021)

Consumption dynamics under time-varying unemployment risk

Journal of Monetary Economics, 118, s. 350- 365. Doi: 10.1016/j.jmoneco.2020.10.004

In response to an adverse labor-market shock, a calibrated heterogeneous-agent model predicts that aggregate spending on durable goods falls mainly due to the ex-ante increase in income uncertainty caused by higher unemployment risk. In contrast, aggregate spending on nondurable goods falls mainly due to the ex-post income losses associated with realized unemployment spells. When households hold little liquid assets, the nondurable spending response is amplified, whereas the durable spending response is dampened. These differences stem from micro-level adjustment frictions involved in purchases of durable goods. The model is corroborated with evidence from micro survey data.

Harbo Hansen, Niels-Jakob; Harmenberg, Karl, Öberg, Erik & Sievertsen, Hans (2021)

Gender Disparities in Top Earnings: Measurement and Facts for Denmark 1980-2013

Journal of Economic Inequality Doi: 10.1007/s10888-020-09476-1

Harmenberg, Karl (2021)

Aggregating Heterogeneous-Agent Models with Permanent Income Shocks

Journal of Economic Dynamics and Control, 129 Doi: 10.1016/j.jedc.2021.104185

I introduce a method for simulating aggregate dynamics of heterogeneous-agent models where log permanent income follows a random walk. The idea is to simulate the model using a counterfactual permanent-income-neutral measure which incorporates the effect that permanent income shocks have on macroeconomic aggregates. With the permanent-income-neutral measure, one does not need to keep track of the permanent-income distribution. The permanent-income-neutral measure is both useful for the analytical characterization of aggregate consumption-savings behavior and for simulating numerical models. Furthermore, it is trivial to implement with a few lines of code.

Boppart, Timo; Hassler, John, Harmenberg, Karl, Krusell, Per & Olsson, Jonna (2021)

Integrated epi-econ assessment

[Academic lecture]. Research seminar.

Broer, Tobias; Druedahl, Jeppe, Harmenberg, Karl & Öberg, Erik (2021)

The Unemployment-Risk Channel in Business-Cycle Fluctuations

[Academic lecture]. Macroeconomic seminar series.

Boppart, Timo; Harmenberg, Karl, Krusell, Per & Olsson, Jonna (2021)

Integrated epi-econ assessment of vaccination

[Academic lecture]. Fed St. Louis-JEDC-SCG-SNB-UniBern Conference.

Academic Degrees
Year Academic Department Degree
2018 Institute for International Economic Studies, Stockholm University PhD