A model of secular stagnation: Theory and quantitative evaluation
This paper formalizes and quantifies the secular stagnation hypothesis, defined as a
persistently low or negative natural rate of interest leading to a chronically binding zero …
persistently low or negative natural rate of interest leading to a chronically binding zero …
Use it or lose it: Efficiency and redistributional effects of wealth taxation
How does wealth taxation differ from capital income taxation? When the return on
investment is equal across individuals, a well-known result is that the two tax systems are …
investment is equal across individuals, a well-known result is that the two tax systems are …
Wealth distribution and social mobility in the US: A quantitative approach
We quantitatively identify the factors that drive wealth dynamics in the United States and are
consistent with its skewed cross-sectional distribution and with social mobility. We …
consistent with its skewed cross-sectional distribution and with social mobility. We …
[PDF][PDF] Consumption, savings, and the distribution of permanent income
L Straub - Unpublished manuscript, Harvard University, 2019 - economics.yale.edu
Rising inequality in the permanent component of labor income, henceforth permanent
income, has been a major force behind the secular increase in US labor income inequality …
income, has been a major force behind the secular increase in US labor income inequality …
Use it or lose it: Efficiency gains from wealth taxation
How does wealth taxation differ from capital income taxation? When the return on
investment is equal across individuals, a well-known result is that the two tax systems are …
investment is equal across individuals, a well-known result is that the two tax systems are …
Consumption over the life cycle: How different is housing?
F Yang - Review of Economic Dynamics, 2009 - Elsevier
Micro data over the life cycle show different patterns for consumption for housing and non-
housing goods: The consumption profile of non-housing goods is hump-shaped, while the …
housing goods: The consumption profile of non-housing goods is hump-shaped, while the …
Demographics, wealth, and global imbalances in the twenty-first century
We use a sufficient statistic approach to quantify the general equilibrium effects of population
aging on wealth accumulation, expected asset returns, and global imbalances. Combining …
aging on wealth accumulation, expected asset returns, and global imbalances. Combining …
The impact of medical and nursing home expenses on savings
KA Kopecky, T Koreshkova - American Economic Journal …, 2014 - aeaweb.org
We consider a life-cycle model with idiosyncratic risk in earnings, out-of-pocket medical and
nursing home expenses, and survival. Partial insurance is available through welfare …
nursing home expenses, and survival. Partial insurance is available through welfare …
Credit constraints and growth in a global economy
We show that in an open-economy OLG model, the interaction between growth differentials
and household credit constraints—more severe in fast-growing countries—can explain three …
and household credit constraints—more severe in fast-growing countries—can explain three …
[HTML][HTML] Bequests and heterogeneity in retirement wealth
M De Nardi, F Yang - European Economic Review, 2014 - Elsevier
Households hold vastly heterogeneous amounts of wealth when they reach retirement, and
differences in lifetime earnings explain only part of this variation. This paper studies the role …
differences in lifetime earnings explain only part of this variation. This paper studies the role …