within the wealth distribution, the median voter is determined endogenously. In a numerical experiment, the model is … initialized to the 1992 U.S. joint distribution of income and wealth as well as several statistics of the federal income tax … progressivity have high labor productivity and/or very high wealth. A movement towards greater progressivity increases aggregate …

This paper studies sunspot fluctuations in a model with heterogeneous households. We find that wealth inequality … is calibrated to match the joint distribution of hours, income, and wealth, the required degree of increasing returns to …

Answering the question of how much wealth inequality arises from inheritance inequality requires data that are …

materially alter the distribution of wealth. This paper uses data from the PSID to further analyze how Social Security and other … factors affect wealth inequality. …

-run distributions with greater aggregate income, wealth, and labor input. Average hours generally declines as the tax schedule becomes …. Finally, as progressivity increases, income inequality is reduced and wealth inequality rises. Many of these results are …