In a model calibrated to match micro‐and macroeconomic evidence on household income
dynamics, we show that a modest degree of heterogeneity in household preferences or …

Administrative earnings data reveal that households are exposed to large, countercyclical
idiosyncratic tail risks in labor earnings. I illustrate how these risks affect asset prices within …

We use a factor-augmented vector autoregressive (FAVAR) model to analyze the effect of a
contractionary monetary policy shock on macroeconomic aggregates and labor market …

We study the role of firm and worker level shocks for individual labor earnings dynamics. A
key feature of the distribution of earnings changes is excess kurtosis, with substantial …

This thesis contains four independent essays in heterogeneous agent macroeconomics.
They explore the sources of income inequality and income risk and study the optimal design …

This paper studies the asset pricing implications of idiosyncratic tail risk on credit spread. I
propose a model featuring an incomplete market, heterogeneous households with recursive …

Persistence in time series has puzzled economists for a long time. This thesis uses two
different econometric approaches to try to understand such persistence in Chilean …