Tractable Heterogeneous Agents Models (TANK/HANK)

Key information

Start date: 13 September 2021

Attendance dates:

September 2021: 13

Time commitment: 1 day


Distance learning

Contact details:


Given the spread of Covid-19 and the difficulty in air travel we have decided to deliver the Centre for International Macroeconomic Studies summer school in an online format. This decision has been made to ensure the safety of our participants, our colleagues, and all those involved. The summer school in 2020 was also held online, it was very successful and enabled many participants to attend from all over the world without the need to travel.

The course will be conducted using the Zoom platform. The University and the lecturers have extensive experience with online teaching and have state-of-the-art systems to do so as well as being able to deliver highly interactive lectures. Though we will do our best to record all the sessions, we are expecting participants to attend them live to enable them to interact with lectures and ask questions.

This course can also be taken as part of:

Who is this course for?

The course is aimed at those who are familiar with representative-agent DSGE models, but no prior knowledge of heterogeneous-agents models is required.


The lectures will take place via Zoom, and participants will need to have installed Matlab in their computers for some of the practical sessions (download a 30-day free trial), as well as Dynare.

Course content

This course will look at:

  • Summary of the key insights from the two-agent New Keynesian (TANK) model and heterogeneous agents New Keynesian (HANK) model literature.
  • TANK and HANK models as in Bilbiie (2019):
    • Inverted aggregate demand logic
    • Cyclical Iine quality and iMPCs
    • Forward guidance.
  • Zero-liquidity HANK:
    • Analytical solution
    • Comparison with representative-agent New Keynesian (RANK)
    • Taylor-principle
    • Forward guidance
    • Endogenous uncertainty
    • Quantitative easing
    • Distributional consequence of monetary policy.


On Wednesday 15 September we will hold an optional one-day conference.

All participants on the courses are invited to submit a paper on some aspect of macroeconomics or DSGE modelling to be presented in the conference.

Learning and teaching methods

You will be sent computer codes, lecture notes, and slides ahead of the course and will also receive direct assistance before the summer school starts in order to set up all the systems ahead of the online events.

There will be opportunities to discuss your projects and research ideas. This will occur both informally during the virtual coffee breaks and virtual dinners, as well as formally during the conference. After the summer school, lecturers will be available to answer questions and discuss your projects.

Course contributors

Cristiano Cantore profile image

Dr Cristiano Cantore

Reader in Economics

Entry requirements

Applicants must have:

  • A background in economics
  • A working knowledge of English
  • A knowledge of RBC and NK models.

Fees and funding

Price per person:


Non-academic participants





What these fees include

The price includes the optional conference.


For students attending stand-alone courses only, we are offering 25% off the cost of the second course.

How to apply

Deadline for applications is 24 August 2021, but we encourage you to apply as soon as possible as the places will be allocated using a rolling selection process.

If your application is successful, you will receive an email offering you a place and you will have two weeks to pay the full fees balance to secure this.

Apply now

Terms and conditions

When you accept an offer of a place at the University of Surrey, you are agreeing to comply with our policies and regulations and our terms and conditions. You are also confirming you have read and understood the University's prospective student privacy notice.

Further details of our terms and conditions will follow.


This online prospectus has been prepared and published in advance of the commencement of the course. The University of Surrey has used its reasonable efforts to ensure that the information is accurate at the time of publishing, but changes (for example to course content or additional costs) may occur given the interval between publishing and commencement of the course. It is therefore very important to check this website for any updates before you apply for a course with us. Read more.