To slow the COVID-19 virus, many countries shut down parts of the economy. Older
individuals have the most to gain from slowing virus diffusion. Younger workers in shuttered …

We build a model of the US economy with multiple aggregate shocks that generate
fluctuations in equilibrium house prices. Through counterfactual experiments, we study the …

We quantify the importance of imperfect competition in the US labor market by estimating the
size of labor market rents earned by American firms and workers. We construct a matched …

We demonstrate the importance of intertemporal marginal propensities to consume (iMPCs)
in disciplining general equilibrium models with heterogeneous agents and nominal …

ABSTRACT We estimate a Heterogeneous-Agent New Keynesian model with sticky
household expectations that matches existing microeconomic evidence on marginal …

We study state taxes as a potential source of spatial misallocation in the US. We build a
spatial general equilibrium framework that incorporates salient features of the US state tax …

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 …

Using a quantitative model that features technical progress in automation and endogenous
skill choice, we show that, given the current US tax system, a sustained fall in automation …

We develop a theory of parent‐child relations that rationalizes the choice between
alternative parenting styles (as set out in Baumrind, 1967). Parents maximize an objective …

Since the early 2000s, research by Thomas Piketty, Emmanuel Saez, and their coauthors
has revolutionized our understanding of income and wealth inequality. In this paper, I …