We propose a methodology exploiting time diary data and “leisure Engel curves” to infer
quality changes across leisure activities and measure the effects on the marginal return to …

Making inferences about aggregate business cycles from regional variation alone is difficult
because of economic channels and shocks that differ between regional and aggregate …

A progressive tax schedule is usually justified in terms of redistribution and insurance. When
the labor market is frictional and there is no intensive margin of labor supply, progressive …

Using proprietary panel data, we show that many US consumers experience financial
distress (35% when distress is defined by having debt in severe delinquency, eg) at some …

Abstract In the United States, market hours worked are approximately flat across the wealth
distribution. Accounting for this phenomenon is a standing challenge for standard …

When a macroeconomic shock arrives, variation in household balance sheet health
(captured by the presence of financial distress, or “FD”) leads to differential access to credit …

Abstract In the United States, the employment rate is nearly flat across wealth quintiles with
the exception of the first quintile. Correlations between wealth and employment are close to …

This study examines the extent to which heterogeneity of expectations affects wealth
distribution, through the use of a standard heterogeneous agent model with uninsured …

The intertemporal substitution (Frisch) elasticity of labor supply governs the predictions of
real business cycle models and models of taxation. We show that, for the extensive margin …

This study employs a neoclassical growth model to investigate the impact of consumption
externalities on the distribution of wealth. It also jointly accounts for heterogeneity in the …