Why are some people wealthy while others are poor? To what extent can governments affect
inequality? Which instruments should they use? Answering these questions requires …

While in the data wealth is concentrated in the hands of a small number of rich people and
the saving rate of the rich is high, many models used for quantitative policy evaluation fail to …

During the last three decades government debt has increased in most developed countries.
During the same period we have also observed a significant liberalization of international …

This paper generates two main contributions. First, it provides a new theory of wealth
inequality that merges two empirically relevant forces generating inequality: bequest motives …

Recent research has documented a rise in the volatility of individual labor earnings in the
United States since 1970. Existing measures of this trend abstract from within-group latent …

We show that the behavior of entrepreneurs facing incomplete financial markets and risky
investment can explain why accelerations of productivity growth in developing countries …

We study the role of capital taxation in a general equilibrium heterogeneous agent economy
with uninsurable investment risk characterized by persistent productivity shocks to the firms …

We examine the optimal taxation of capital in a general-equilibrium heterogeneous-agent
economy with uninsurable idiosyncratic investment or capital income risk. We demonstrate …

Piketty's book, Capital in the Twenty-First Century, discusses several factors affecting wealth
inequality: rates of return on capital, output growth rates, tax progressivity, top income …

Wealth inequality has been not only rising at unsustainable pace but also dissociated from
income inequality because of the fact that wealth is increasing without concomitant increase …