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 …

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 representative online panel from the United States, we examine how individuals'
macroeconomic expectations causally affect their personal economic prospects and their …

This paper studies the welfare effects of encouraging rural-urban migration in the
developing world. To do so, we build a dynamic incomplete-markets model of migration in …

How can mortgages be redesigned to reduce macrovolatility and default? We address this
question using a quantitative equilibrium life‐cycle model. Designs with countercyclical …

I study unemployment insurance (UI) in general equilibrium with incomplete markets, search
frictions, and nominal rigidities. An increase in generosity raises the aggregate demand for …

I develop a heterogeneous agents overlapping generations model to assess the welfare
effects of substituting the US income security system with a UBI policy. I study two …

We derive optimal monetary and fiscal policies in a heterogeneous-agent economy with
nominal frictions and aggregate shocks, and allowing for a rich set of fiscal tools. We first …

We show that makeup strategies, such as average inflation targeting and price-level
targeting, can be more effective than a flexible inflation targeting strategy in overcoming the …

The combined supply and demand shocks of the COVID-19 pandemic have created the
largest consumer behavior shift in recent history, while exposing millions of households to …