This study combines the 2013 Federal Reserve Survey of Consumer Finances data and the Fiscal Analyzer, a highly detailed life-cycle consumption-smoothing program, to a) measure ultimate economic inequality - inequality in lifetime spending power - within cohorts, b) assess fiscal progressivity...

This study combines the 2013 Federal Reserve Survey of Consumer Finances data and the Fiscal Analyzer, a highly detailed life-cycle consumption-smoothing program, to a) measure ultimate economic inequality – inequality in lifetime spending power – within cohorts, b) assess fiscal...

Despite the oft-heard claims that current generations are stealing from future generations by running fiscal deficits, both theory and evidence suggest that this is either not true or not knowable. Intergenerational justice is not an appropriate lens through which to analyze fiscal issues,...

Distinct characteristics of households play an important role in the decisions made regarding expenditures. This study identifies what specific characteristics of households drive the decisions to make specific purchases such as entertainment and apparel using the Consumer Expenditure Survey...

The NTA flow accounts for the Philippines for the year 2007 include not only national level estimates but also estimates by income group. Three income groups are defined, referred to as income terciles. This paper compares age profiles of consumption and labor income across income groups. The...

The 2007 NTA for the Philippines provides more recent information about which population age groups incur lifecycle deficit, the sizes of the aggregate deficits, and how consumption is financed for the different age groups. It also provides age profiles for consumption and labor income (and...

We study the impact of a government spending shock on the distribution of income and wealth between cohorts in a dynamic stochastic Overlapping Generations model with two types of households, Ricardian households and rule-of-thumb consumers. We demonstrate that an unexpected increase in...