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Research by Topic
INEQUALITY
- NEW! FIRST DRAFT: Taxing Wealth and Capital Income when Returns are Heterogeneous (with Kambourov, Kuruscu, and Ocampo), March 2022.
- REVISED: Lifetime Incomes in the United States over Six Decades, (with Greg Kaplan, Jae Song and Justin Weidner), May 6, 2021. Data in Excel
- Use It or Lose It: Efficiency Gains from Wealth Taxation (with Burhan Kuruscu, Gueorgui Kambourov, Sergio Ocampo, Daphne Chen), August 29, 2019.
- FINAL Version: Multidimensional Skill Mismatch. (AEJ: Macro, January 2020), with Burhan Kuruscu, Satoshi Tanaka, and David Wiczer).
- In the media: Bloomberg, Washington Post
- 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, (FRB Minneapolis Quarterly Review, Fall 2017)
- Heterogeneous Scarring Effects of Full-Year Nonemployment, AER P&P, May 2017.
- Firming Up Inequality, Quarterly Journal of Economics, Lead article, February 2019 (with Jae Song, David Price, Nick Bloom, and Till von Wachter).
- The Glass Ceiling and The Paper Floor: Gender Differences Among Top Earners, 1981-2012, (with Greg Kaplan and Jae Song), In revision. Appendix
- In the Media: The New Yorker, Wall Street Journal, Vox, Washington Post 1, Washington Post 2, The Atlantic
- NBER Digest summary
- Lifetime Incomes in the United States Today, Work in Progress (with Greg Kaplan and Jae Song).
- 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.
- 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.
IDIOSYNCRATIC RISKS
- UPDATED (April 2020): Skewed Business Cycles (with Sergio Salgado and Nick Bloom)
- REVISED (May 2020): Skewed Idiosyncratic Income Risk over the Business Cycle: Sources and Insurance (with Christopher Busch, David Domeij, and Rocio Madera)
- REVISED (February 2021): What Do Data on Millions of U.S. Workers Reveal About Life-Cycle Earnings Dynamics? (with Fatih Karahan, Serdar Ozkan, and Jae Song), Econometrica, forthcoming.
- Data Moments for Men (for 2021, published version)
- Working Paper, August 2016 Version: 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)
- Data Appendix for the August 2016 version of draft (uses labor income over 1994-2013):
- Older version (based on wage/salary income over 1978-2013: Manuscript, Data Appendix (Excel file)
- In the Media: Bloomberg, Slate, Washington Post, The Telegraph, Bloomberg/Business, CNBC
- A nontechnical summary blog post we wrote for VoxEU
- The Great Micro Moderation, 2017 (with Nick Bloom, Luigi Pistaferri, John Sabelhaus, Sergio Salgado, and Jae Song)
- Heterogeneous Scarring Effects of Full-Year Nonemployment, AER P&P, May 2017 (with Fatih Karahan, Serdar Ozkan, and Jae Song).
- Worker Betas: Five Facts about Systematic Earnings Risk, AER P&P, May 2017 (with Sam Schulhofer-Wohl, Jae Song, and Moto Yogo)
- Click here for Longer NBER Working Paper Version + Appendix, Data in Excel format (More statistics added, April 4, 2017)
- Nontechnical summaries: The Economist
- How Risky Are Recessions for Top Earners? (with Greg Kaplan and Jae Song), AER P&P, May 2014.
- The Nature of Countercyclical Income Risk (with Serdar Ozkan and Jae Song), 2014, Journal of Political Economy.
- Web Appendices: Appendix A, Appendix B, Appendix C
- Tables and Data in Appendices in Excel Format
- Slides
- Non-technical summaries in: NBER Digest, The Region Magazine
- Inferring Labor Income Risk and Partial Insurance from Economic Choices* (with Tony Smith), 2014, Econometrica. Slides Web Appendix
- An Empirical Investigation of Labor Income Processes* Review of Economic Dynamics, 2009, Vol. 12, No 1, pp. 58-79.
- Learning Your Earning: Are Labor Income Shocks Really Very Persistent?* American Economic Review, June 2007, Vol. 97, No. 3, pp. 687-712. Online Appendix
TAXATION
- NEW! FIRST DRAFT: Taxing Wealth and Capital Income when Returns are Heterogeneous (with Kambourov, Kuruscu, and Ocampo), March 2022.
- Use It or Lose It: Efficiency Gains from Wealth Taxation, (with G. Kambourov, B. Kuruscu, S. Ocampo, and D. Chen) SLIDES. Draft Coming Soon.
- 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.
MACRO + (FINANCE, LABOR, ETC.)
- Benchmarking Global Optimizers (with Antoine Arnoud and Tatjana Kleineberg), September 25, 2019.
- REVISED (February 2021): Offshore Profit Shifting and Aggregate Measurement: Balance of Payments, Foreign Investment, Productivity, and the Labor Share (with Ray Mataloni, Dylan Rassier, Kim Ruhl).
- Women’s Emancipation Through Education: A Macroeconomic Analysis (with Michelle Rendall), 2015, Review of Economic Dynamics, 2015
- 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.
- Macroeconomics with Heterogeneity: A Practical Guide (Federal Reserve Bank of Richmond Economic Quarterly, 2011).
- 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: Empirical Performance (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: Theory (with Hanno Lustig) New Palgrave Dictionary of Economics, Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008.
- 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 Appendix Journal of Monetary Economics, October 2006, Vol. 53, No 7, pp. 1451-72.
- Does Market Incompleteness Matter for Asset Prices? (with Burhanettin Kuruscu) Journal of European Economic Association P&P, April-May 2006, pp. 484-492.
- BOOK: Quantitative Economics With Heterogeneity: An A-to-Z Guidebook, under contract with Princeton University Press.
- Some thoughts on wage/job polarization: My published discussion of Foote/Ryan paper at the NBER Macroannual 2014.
*The papers marked with a star are based on research supported by the National Science Foundation under grant number SES-0351001, SES-0649437 or SES-1357874.