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 paper analyzes the magnitude and sources of long-term earnings declines associated
with graduating from college during a recession. Using a large longitudinal university …

This chapter reviews empirical estimates of differential income and consumption growth
across individuals during recessions. Most existing studies examine the variation in income …

Macroeconomics was born as a distinct field in the 1940's, as a part of the intellectual
response to the Great Depression. The term then referred to the body of knowledge and …

Is individual labor income more risky in recessions? This is a difficult question to answer
because existing panel data sets are so short. To address this problem, we develop a …

Households face large income uncertainty that varies substantially over the business cycle.
We examine the macroeconomic consequences of these variations in a model with …

In this paper, I reassess the evidence on labor income risk. There are two leading views on
the nature of the income process in the current literature. The first view, which I call the …

We specify a life-cycle model of consumption, labor supply and job mobility in an economy
with search frictions. We distinguish different sources of risk, including shocks to productivity …

Macroeconomics at the intermediate and graduate levels rests on three workhorses: the
Solow-Swan model, the overlapping generations (OLG) model, and the Ramsey model. The …

For reducing greenhouse gas emissions, intensity targets are attracting interest as a flexible
mechanism that would better allow for economic growth than emissions caps. For the same …