Quantitative macroeconomics with heterogeneous households
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 …
dynamics of the entire equilibrium distribution of allocations across individual economic …
The equity premium in retrospect
R Mehra, EC Prescott - Handbook of the Economics of Finance, 2003 - Elsevier
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 …
as originally articulated more than fifteen years ago, underscored the inability of the …
What do data on millions of US workers reveal about lifecycle earnings dynamics?
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 …
of US workers. Using nonparametric methods, we first show that the distribution of earnings …
Skewed wealth distributions: Theory and empirics
J Benhabib, A Bisin - Journal of Economic Literature, 2018 - aeaweb.org
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 …
skewed to the right displaying thick upper tails, that is, large and slowly declining top wealth …
Macroeconomics and household heterogeneity
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 …
preference heterogeneity amplify and propagate a macroeconomic shock. We focus on the …
Unequal we stand: An empirical analysis of economic inequality in the United States, 1967–2006
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 …
integrating data from the Current Population Survey, the Panel Study of Income Dynamics …
The distribution of wealth and the marginal propensity to consume
C Carroll, J Slacalek, K Tokuoka… - Quantitative …, 2017 - Wiley Online Library
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 …
dynamics, we show that a modest degree of heterogeneity in household preferences or …
Has consumption inequality mirrored income inequality?
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 …
consumption inequality. We do so by constructing an alternative measure of consumption …
Does income inequality lead to consumption inequality? Evidence and theory
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 …
increase in income inequality in the US has not been accompanied by a corresponding rise …
The macroeconomic effects of housing wealth, housing finance, and limited risk sharing in general equilibrium
J Favilukis, SC Ludvigson… - Journal of Political …, 2017 - journals.uchicago.edu
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 …
key elements not previously considered in existing quantitative macro studies of housing …