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 chapter reviews various interactions between the distribution of income across
individuals and factors of production on the one hand, and aggregate savings, investment …

In this essay, we discuss the emerging literature in macroeconomics that combines
heterogeneous agent models, nominal rigidities, and aggregate shocks. This literature …

A wide body of empirical evidence finds that approximately 25 percent of fiscal stimulus
payments (eg, tax rebates) are spent on nondurable household consumption in the quarter …

Micro-and macro-level evidence indicates that fluctuations in idiosyncratic uncertainty have
a large effect on investment; the impact of uncertainty on investment occurs primarily through …

The wealthy hand-to-mouth are households who hold little or no liquid wealth (cash,
checking, and savings accounts), despite owning sizable amounts of illiquid assets (assets …

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 …

This book retraces the history of macroeconomics from Keynes's General Theory to the
present. Central to it is the contrast between a Keynesian era and a Lucasian-or dynamic …

This paper provides a critical survey of the large literature on the life cycle model of
consumption, both from an empirical and a theoretical point of view. It discusses several …

We examine the equilibrium effects of college financial aid policies building an overlapping-
generations life cycle model with education, labor supply, and saving decisions. Cognitive …