Professor of Economics, University of Minnesota
Director, MEBDI (Minnesota Economics Big Data Institute)
Research Consultant, FRB Minneapolis
Research Associate, National Bureau of Economic Research
Research Updates
NEW! Lifecycle Origins of Inequality: Slides (from June 2024 SED meetings)
(with Luigi Pistaferri and David Price)
NEW! Book-Value Wealth Taxation, Capital Income Taxation, and Innovation, JUNE 2024
(with Kambourov, Kuruscu, and Ocampo)
Substantially revised and expanded version that replaces “Taxing Wealth and Capital Income when Returns are Heterogeneous”.
On the Mechanics of Top Wealth Inequality SLIDES (Draft coming soon)
(with Sergio Ocampo and Serdar Ozkan)
REVISED Skewed Business Cycles
(non-alphabetical: Salgado, Guvenen, and Bloom), May 2023,
Slides
NEW! Consumption Dynamics and Welfare Under Non-Gaussian Earnings Risk
(randomized author order: Fatih Guvenen, Serdar Ozkan, Rocio Madera), March 2024.
NEW! Global Trends in Income Inequality and Income Dynamics: New Insights from GRID
(with Luigi Pistaferri and Gianluca Violante) Quantitative Economics special issue, November 2022.
REVISED (Nov 2022): Benchmarking Global Optimizers (Comparing TikTak and 5 other Global Optimizers)
(with Antoine Arnoud and Tatjana Kleineberg), November 2022
Computer Code for TikTak Global Optimizer posted on GitHub: Link
NEW! A Tractable Income Process for Business Cycle Analysis
(with McKay and Ryan), February 2022.
The Great Micro Moderation
(with Bloom, Pistaferri, Salgado, Sabelhaus, Song), 2017
The Global Repository of Income Dynamics (GRID) Project: An Overview and Some New Insights
Slides of WCEG Webinar, April, 2023.
GRID is LIVE! Click here to visit the GRID Website
GRID, or the Global Repository of Income Dynamics, is a new international database on income inequality and income dynamics. All statistics in GRID were computed from administrative records on earnings histories and harmonized for comparability. There are currently 13 countries in GRID: Argentina, Brazil, Canada, Denmark, France, Germany, Italy, Mexico, Norway, Spain, Sweden, the UK, and the US. I am the co-founder of the GRID project with Luigi Pistaferri and Gianluca Violante.
The thing, above all, that a teacher should endeavor to produce in his pupils, if democracy is to survive, is the kind of tolerance that springs from an endeavor to understand those who are different from ourselves. It is perhaps a natural human impulse to view with horror and disgust all manners and customs different from those to which we are used. Ants and savages put strangers to death. And those who have never traveled either physically or mentally find it difficult to tolerate the queer ways and outlandish beliefs of other nations and other times, other sects and other political parties. This kind of ignorant intolerance is the antithesis of a civilized outlook, and is one of the gravest dangers to which our overcrowded world is exposed.
Bertrand Russell (1950)
Check out MEBDI
I also serve as the director of MEBDI, which is a new research institute in the Department of Economics at the University of Minnesota. MEBDI’s core mission is to produce and support applied research in economics and other social sciences that harnesses the power of big data under the guidance economic theory..
