This paper is about the nonparametric regression of a choice variable on a nonlinear budget set under utility maximization with general heterogeneity, i.e. in the random utility model (RUM). We show that utility maximization and convex budget sets make this regression three dimensional with a...

Recent work on wealth inequality based on the capitalization method wherein aggregate wealth totals are distributed in proportion to various forms of income like dividends has motivated a concern about whether rates of return on assets vary across the wealth distribution. In this study, I use a...

Using administrative data on wealth, firm ownership structure, and migration in Sweden and Denmark, we document international migration patterns among the very wealthy, their impact on the economy, and how they respond to wealth taxation. We show that more than 20% of taxpayers liable to pay...

One hallmark of U.S. monetary policy since the early 1980s has been moderation in inflation (at least, until recently). How has this affected household well-being? The paper first develops a new model to address this issue. The inflation tax on income is defined as the difference between the...

We develop and estimate a life-cycle consumption savings model in which observed genetic variation is allowed to affect wealth accumulation through several distinct channels. We focus on genetic markers that predict educational attainment, aggregated into a predictive index called a polygenic...

Families in poverty face numerous barriers to establishing stable economic footing. This paper examines the effect of a holistic, individualized wrap-around service intervention on outcomes for low-income individuals. The intervention includes a detailed assessment, an individualized service...

Healthy food choices are a canonical example used to illustrate the importance of time preferences in behavioral economics. However, the literature lacks a direct demonstration that they are well-predicted by incentivized time preference measures. We offer direct evidence by combining a novel,...

Do jobs and income-transfer programs affect crime? The answer depends on why one is asking the question, which shapes what one means by "crime." Many studies focus on understanding why overall crime rates vary across people, places, and time; since 80% of all crimes are property offenses, that's...

We calculate impulse response functions from regime-switching models where the driving variable can respond to the shock. Two methods used to estimate the impulse responses in these models are generalized impulse response functions and local projections. Local projections depend on the observed...

This paper studies how and why households adjust their spending, saving, and borrowing in response to transitory income shocks. We leverage new large-scale survey data to first quantitatively assess households' intertemporal marginal propensities to consume (MPCs) and deleverage (MPDs) (the...