earnings, to disposable income, and, ultimately, to consumption and wealth. We document a continuous and sizable increase in … before 1982, but mitigate its increase thereafter. Taxes and transfers compress the level of income inequality, especially at …We conduct a systematic empirical study of cross-sectional inequality in the United States, integrating data from the …

suppressed in equilibrium among those with the lowest income due to the ineffectiveness of sanctions against those in the society …

It is often argued that with a positively skewed income distribution (median less than mean) majority voting would … capital accumulation model, in which distorting redistributive taxes provide insurance against idiosyncratic shocks and income … skewed distributions of total income across agents. …

Previous work has had difficulty generating household saving behavior that makes the distribution of wealth much more … concentrated than that of labor earnings, and that makes the richest households hold onto large amounts of wealth, even during very … wealth concentration even more. I also show that the introduction of a bequest motive generates lifetime savings profiles …

of these constraints on aggregate capital accumulation and wealth inequality are less known. Entrepreneurship is an … entrepreneurial choices in the presence of borrowing constraints. We construct a model that matches wealth inequality very well, for … important determinant of capital accumulation and wealth concentration and, conversely, the distribution of wealth affects …

retirement. Income heterogeneity and borrowing constraints are essential in generating the variation in retirement wealth among … in retirement wealth among high lifetime income households. … very well the empirical observation that households with similar lifetime incomes hold very different amounts of wealth at …

of these constraints on aggregate capital accumulation and wealth inequality are less known. Entrepreneurship is an … entrepreneurial choices in presence of borrowing constraints. We construct a model that matches wealth inequality very well, both for … important determinant of capital accumulation and wealth concentration and, conversely, the distribution of wealth affects …

. I show that this large wealth inequality is also important for the model's ability to generate a countercyclical equity … plays a central role by allowing non-stockholders (with low EIS) to smooth the fluctuations in their labor income. This … process concentrates non-stockholders' labor income risk among a small group of stockholders, who then demand a high premium …