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Working Paper
The Effects of Macroeconomic Shocks: Household Financial Distress Matters
Mustre-del-Rio, Jose; Sanchez, Juan M.; Mather, Ryan; Athreya, Kartik B. (2023-09-11)
When a macroeconomic shock arrives, variation in household balance-sheet health (captured by the presence of financial distress “FD”), leads to differential access to credit, and hence a distribution of consumption responses. As we document, though, over the past two recessions, households in prior FD also experienced macroeconomic shocks more intensely than others, leading to a distribution of shock severity. Quantifying the importance of each dimension of heterogeneity (FD or shock severity) for consumption requires a structural model. We find that heterogeneity in FD matters more than ...
Working Papers , Paper 2019-025

Discussion Paper
Measuring Price Inflation and Growth in Economic Well-Being with Income-Dependent Preferences
Lashkari, Danial (2024-01-08)
How can we accurately measure changes in living standards over time in the presence of price inflation? In this post, I discuss a novel and simple methodology that uses the cross-sectional relationship between income and household-level inflation to construct accurate measures of changes in living standards that account for the dependence of consumption preferences on income. Applying this method to data from the U.S. suggests potentially substantial mismeasurements in our available proxies of average growth in consumer welfare in the U.S.
Liberty Street Economics , Paper 20240108

Working Paper
Taxing top earners: a human capital perspective
Badel, Alejandro; Huggett, Mark (2014-07-23)
We assess the consequences of substantially increasing the marginal tax rate on U.S. top earners using a human capital model. The top of the model Laffer curve occurs at a 53 percent top tax rate. Tax revenues and the tax rate at the top of the Laffer curve are smaller compared to an otherwise similar model that ignores the possibility of skill change in response to a tax reform. We also show that if one applies the methods used by Diamond and Saez (2011) to provide quantitative guidance for setting the tax rate on top earners to model data then the resulting tax rate exceeds the tax rate at ...
Working Papers , Paper 2014-17

Working Paper
Firms as Learning Environments: Implications for Earnings Dynamics and Job Search
Gregory, Victoria (2023-09)
This paper demonstrates that heterogeneity in firms' promotion of human capital accumulation is an important determinant of life-cycle earnings inequality. To arrive at this finding, I develop a life-cycle search model with heterogeneous workers and firms. In the model, a worker's earnings can grow through both human capital accumulation and labor market competition channels. Human capital growth depends on both the worker's ability and the firm's learning environment. I apply the model to administrative micro data from Germany. While bringing the model to the data, I find evidence of ...
Working Papers , Paper 2020-036

Working Paper
Revisiting Capital-Skill Complementarity, Inequality, and Labor Share
Orak, Musa; Shen, Shihan; Ohanian, Lee E. (2021-05-19)
This paper revisits capital-skill complementarity and inequality, as in Krusell, Ohanian, Rios-Rull and Violante (KORV, 2000). Using their methodology, we study how well the KORV model accounts for more recent data, including the large changes in the labor's share of income that were not present in KORV. We study both labor share of gross income (as in KORV), and income net of depreciation. We also use nonfarm business sector output as an alternative measure of production to real GDP. We find strong evidence for continued capital-skill complementarity in the most recent data, and we also find ...
International Finance Discussion Papers , Paper 1319

Report
Business cycle fluctuations and the distribution of consumption
De Giorgi, Giacomo; Gambetti, Luca (2015-03-01)
This paper sheds new light on the interactions between business cycles and the consumption distribution. We use Consumer Expenditure Survey data and a factor model to characterize the cyclical dynamics of the consumption distribution. We first establish that our approach is able to closely match business cycle fluctuations of consumption from the National Account. We then study the responses of the consumption distribution to total factor productivity shocks and economic policy uncertainty shocks. Importantly, we find that the responses of the right tail of the consumption distribution, ...
Staff Reports , Paper 716

Journal Article
Understanding the Linkages between Climate Change and Inequality in the United States
Avtar, Ruchi; Blickle, Kristian S.; Chakrabarti, Rajashri; Janakiraman, Janavi; Pinkovskiy, Maxim L. (2023-06-01)
The authors conduct a review of the existing academic literature to outline possible links between climate change and inequality in the United States. First, researchers have shown that the impact of both physical and transition risks may be uneven across location, income, race, and age. This is driven by a region’s geography as well as its ability to adapt. Second, measures that individuals and governments take to adapt to climate change and to transition to lower emissions risk increasing inequality. Finally, while federal aid and insurance coverage can mitigate the direct impact of ...
Economic Policy Review , Volume 29 , Issue 1 , Pages 1-39

Journal Article
Taxing The 1 Percent
Nakajima, Makoto (2017-04)
Raising taxes on top earners is often seen as a straightforward way to stem inequality. The trick is preserving efficient revenue generation and work incentives for the economy?s most productive contributors.
Economic Insights , Volume 2 , Issue 2 , Pages 1-10

Working Paper
How Important Is Health Inequality for Lifetime Earnings Inequality?
Hosseini, Roozbeh; Kopecky, Karen A.; Zhao, Kai (2021-01-04)
Using a dynamic panel approach, we provide empirical evidence that negative health shocks reduce earnings. The effect is primarily driven by the participation margin and is concentrated in less educated individuals and those with poor health. We build a dynamic, general equilibrium, life cycle model that is consistent with these findings. In the model, individuals whose health is risky and heterogeneous choose to either work, or not work and apply for social security disability insurance (SSDI). Health affects individuals’ productivity, SSDI access, disutility from work, mortality, and ...
FRB Atlanta Working Paper , Paper 2021-1

Working Paper
When Do Informational Interventions Work? Experimental Evidence from New York City High School Choice
Cohodes, Sarah; Corcoran, Sean P.; Jennings, Jennifer; Sattin-Bajaj, Carolyn (2022-02-01)
This paper reports the results of a large, school-level randomized controlled trial evaluating a set of three informational interventions for young people choosing high schools in 473 middle schools, serving over 115,000 8th graders. The interventions differed in their level of customization to the student and their mode of delivery (paper or online); all treated schools received identical materials to scaffold the decision-making process. Every intervention reduced likelihood of application to and enrollment in schools with graduation rates below the city median (75 percent). An important ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 057

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