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 …

Dynamic general equilibrium models are required to evaluate policies applied at the
national level. To use these models to make quantitative forecasts requires knowledge of an …

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 …

Accounting for the US Earnings and Wealth Inequality | Journal of Political Economy: Vol
111, No 4 Skip to main content University of Chicago Press Journals logo University of …

Recent theoretical work has shown the importance of measuring microeconomic uncertainty
for models of both general and partial equilibrium under imperfect insurance. In this paper …

This article measures the economic impacts of social pressure to share income with kin and
neighbours in rural Kenyan villages. We conduct a lab experiment in which we randomly …

We develop a model with partial insurance against idiosyncratic wage shocks to quantify risk
sharing. Closed-form solutions are obtained for equilibrium allocations and for moments of …

We study the optimal trade‐off between commitment and flexibility in a consump‐tion–
savings model. Individuals expect to receive relevant information regarding tastes and thus …

This paper analyzes the quantitative role of idiosyncratic uncertainty in an economy in which
rational agents vote on hypothetical social security reforms. We find that the role of a pay-as …

This paper augments the neoclassical growth model to study the macroeconomic effects of
uninsured idiosyncratic investment, or capital-income, risk. Under standard assumptions for …