Economists at our Bank have concluded that differences in state income levels over the past 75 years can be explained …

public infrastructure on personal income and the effect of personal income on the allocation of local public outlays. …

An estimation of the life cycle/permanent income model with rational expectations that allows for uncertain future …

Real average U.S. per capita personal income growth over the last 65 years exceeded a remarkable 400 percent. Also … notable over this period is that the stark income differences across states have narrowed considerably: In 1939 the highest … income state’s per capita personal income was 4.5 times the lowest, but by 1976 this ratio had fallen to less than 2 times …

A calculation of the stochastic properties of consumption when income follows a fractional stochastic process, showing …

We document sectoral differences in changes in output, hours worked, prices, and nominal wages in the United States …. One sector is assumed to have flexible nominal wages, while nominal wages in the other sector are set using Taylor …. Alternatively, if wages are set using Calvo-type contracts, the decline in output is even smaller. …

Changes in the fraction of workers experiencing job separations can account for> most of the increase in earnings …-> 1980s. This is not true of changes in average earnings losses following job separations.> A search model with exogenous … earnings losses following job separations> (intensive margin). While both margins do well in accounting for the increase in …

is calibrated to match the joint distribution of hours, income, and wealth, the required degree of increasing returns to …