Macroeconomics is evolving from the study of aggregate dynamics to the study of the
dynamics of the entire equilibrium distribution of allocations across individual economic …

This paper is a critical review of the literature on the “equity premium puzzle≓. The puzzle,
as originally articulated more than fifteen years ago, underscored the inability of the …

We study individual male earnings dynamics over the life cycle using panel data on millions
of US workers. Using nonparametric methods, we first show that the distribution of earnings …

Invariably, across a cross-section of countries and time periods, wealth distributions are
skewed to the right displaying thick upper tails, that is, large and slowly declining top wealth …

The goal of this chapter is to study how, and by how much, household income, wealth, and
preference heterogeneity amplify and propagate a macroeconomic shock. We focus on the …

We conduct a systematic empirical study of cross-sectional inequality in the United States,
integrating data from the Current Population Survey, the Panel Study of Income Dynamics …

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 …

We revisit to what extent the increase in income inequality since 1980 was mirrored by
consumption inequality. We do so by constructing an alternative measure of consumption …

Using data from the Consumer Expenditure Survey, we first document that the recent
increase in income inequality in the US has not been accompanied by a corresponding rise …

This paper studies a quantitative general equilibrium model of housing. The model has two
key elements not previously considered in existing quantitative macro studies of housing …