Published Papers
Use It or Lose It: Efficiency and Redistributional Effects of Wealth Taxation
(with Gueorgui Kambourov, Burhan Kuruscu, Sergio Ocampo, Daphne Chen), Quarterly Journal of Economics, May 2023.
Online Appendix Computational Appendix
Slides
Region Magazine (free access) Financial Times The Economist. Bloomberg 1 Bloomberg 2
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.
Lifetime Incomes in the United States over Six Decades
(with Greg Kaplan, Jae Song, Justin Weidner), AEJ: Applied, October 2022, Vol 14, No 4, pp. 446-79.
Online Appendix, Replication package
Slides
Research Brief
Offshore Profit Shifting and Aggregate Measurement: Balance of Payments, Foreign Investment, Productivity, and the Labor Share
(with Mataloni, Rassier, Ruhl), American Economic Review, June 2022.
Appendix
Skewed Idiosyncratic Income Risk over the Business Cycle: Sources and Insurance
(with Christopher Busch, David Domeij, and Rocio Madera)
AEJ: Macro, April 2022, Vol 14, No 2, pp 207-242.
What Do Data on Millions of U.S. Workers Reveal About Life-Cycle Earnings Dynamics?
(with Fatih Karahan, Serdar Ozkan, Jae Song)
Econometrica, September 2021, Vol 89, No 5, pp 2303-2339.
Online Appendix (Published version), Data Moments for Men (for Published version)
Correction: Typo in Table 1. The 1.46% figure on row 2 should be 0.26%. All other numbers are correct.
In the Media: Bloomberg, Slate, Washington Post, The Telegraph, Bloomberg/Business, CNBC
VoxEU article we wrote as a nontechnical summary of the paper.
Earlier Working Paper Version with additional material (August 2016): Section 7 of this version simulates a life-cycle consumption-savings model with the non-linear, non-Gaussian income process estimated in the paper and compares its implications to those from a standard linear-Gaussian income process. Three main topics studied are: (i) the risk premium households would pay to avoid idiosyncratic income risk, (ii) wealth inequality, and (iii) partial insurance against income shocks.
Data Appendix for the August 2016 version of draft (uses labor income over 1994-2013):
Moments for Men for 2016 version (reported in the manuscript)
Moments for Women for 2016 version (Not in the paper)
July 2015 version (based on wage/salary income over 1978-2013: Manuscript (2015), Data Appendix (Excel file)
The Glass Ceiling and The Paper Floor: Changing Gender Composition of Top Earners Since the 1980s
(with Greg Kaplan and Jae Song)
NBER Macroeconomics Annual, 2020.
Appendix (older version)
Commentary: What Explains the Decline in r*? Rising Income Inequality versus Demographic Shifts
Proceedings of the Jackson Hole Economic Policy Symposium, 2021
Multidimensional Skill Mismatch
(with Wiczer, Kuruscu, Tanaka)
AEJ: Macro, January 2020, Vol 12, No 1, pp. 210-244.
Firming Up Inequality
(with Jae Song, David Price, Nick Bloom, and Till von Wachter)
Quarterly Journal of Economics, January 2019, Vol 134, No 1. pp. 1-50.
In the media: Wall Street Journal, Wall Street Journal 2, Wall Street Journal 3, Bloomberg 1, Bloomberg 2, Washington Post, Telegraph, Fortune, Forbes, The Hill
Stagnation in Lifetime Incomes: An Overview of Trends and Potential Causes
in Revitalizing Wage Growth, 2018, by Brookings Institution.
(A nontechnical overview of facts on stagnation in lifetime incomes, its causes, and some policy proposals.)
The Disappearing Large-Firm Wage Premium
(with Nicholas Bloom, Benjamin Smith, Jae Son, Till von Wachter)
AEA P&P 2018, Vol 108: 317–322
Top Income Inequality in the 21st Century: Some Cautionary Notes
(with Greg Kaplan)
FRB Minneapolis Quarterly Review, April, 2017.
Heterogeneous Scarring Effects of Full-Year Nonemployment,
(with Fatih Karahan, Serdar Ozkan, and Jae Song)
AER P&P, May 2017
Worker Betas: Five Facts about Systematic Earnings Risk
(with Sam Schulhofer-Wohl, Jae Song, and Moto Yogo)
AER P&P, May 2017
Click here for Longer NBER Working Paper Version + Appendix, Data in Excel format ]
Women’s Emancipation Through Education: A Macroeconomic Analysis
(with Michelle Rendall)
Review of Economic Dynamics, 2015, Vol 18, No 4, pp 931-956.
Taxation of Human Capital and Wage Inequality: A Cross-Country Analysis
(with Burhanettin Kuruscu and Serdar Ozkan)
Review of Economic Studies, 2014, Vol 81, pp. 818-850.
How Risky Are Recessions for Top Earners?
(with Greg Kaplan and Jae Song)
American Economic Review P&P, May 2014.
The Nature of Countercyclical Income Risk
(with Serdar Ozkan and Jae Song),
Journal of Political Economy, 2014.
Web Appendices: Appendix A, Appendix B, Appendix C
Non-technical summaries in: NBER Digest, The Region Magazine
Inferring Labor Income Risk and Partial Insurance from Economic Choices*
(with Tony Smith),
Econometrica, 2014
Joint Search Theory: New Opportunities and New Frictions*
(with Bulent Guler and Gianluca Violante)
Journal of Monetary Economics, 2012, Vol. 59, No. 4, pp. 352-369.
Understanding the Evolution of the U.S. Wage Distribution: A Theoretical Analysis*
(with Burhanettin Kuruscu)
Journal of European Economic Association, 2012, Vol. 10, No. 3, pp. 482-517.
Macroeconomics with Heterogeneity: A Practical Guide
FRB Richmond Economic Quarterly, 2011.
A Quantitative Analysis of the Evolution of the U.S. Wage Distribution: 1970-2000*
(with Burhanettin Kuruscu)
NBER Macroeconomics Annual, 2009, Volume 24, pp. 231-276.
An Empirical Investigation of Labor Income Processes*
Review of Economic Dynamics, 2009, Vol. 12, No 1, pp. 58-79.
A Parsimonious Macroeconomic Model for Asset Pricing* ,
Econometrica, 2009, Vol. 77, No. 6, pp. 1711-1740.
Online Appendix, Summary in Region Magazine
Consumption-based Asset Pricing Models: Theory PAPER
(with Hanno Lustig)
New Palgrave Dictionary of Economics, Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008.
Consumption-based Asset Pricing Models: Empirical Performance PAPER
(with Hanno Lustig)
New Palgrave Dictionary of Economics, Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008.
Learning Your Earning: Are Labor Income Shocks Really Very Persistent?*
American Economic Review, June 2007, Vol. 97, No. 3, pp. 687-712.
Online Appendix
Do Stockholders Share Risk More Effectively than Non-stockholders?
Review of Economics and Statistics, May 2007, Vol. 89, No. 2, pp. 275-288.
Reconciling Conflicting Evidence on the Elasticity of Intertemporal Substitution: A Macroeconomic Perspective
Journal of Monetary Economics, October 2006, Vol. 53, No 7, pp. 1451-72.
Appendix
Does Market Incompleteness Matter for Asset Prices?
(with Burhanettin Kuruscu)
Journal of European Economic Association P&P, April-May 2006, pp. 484-492.
Some Thoughts on Wage/Job Polarization: My Discussion of Foote/Ryan Paper at the NBER Macro Annual 2014.