We use a labor search model with heterogenous households and firms to study the efficacy of a wage subsidy during a pandemic, relative to enhancing unemployment benefits. A large proportion of the economy is forced to shut down, and firms in that sector choose whether to lay off workers or keep...

A method to impute consumption expenditure inequality between wealth groups in the Survey of Consumer Finances is provided, allowing for measurement error that is correlated with income and wealth. Identification is derived from observing food at home and food away from home, which are relative...

The effect of incomplete markets on parental investments is investigated. Uninsured risk and credit constraints can distort the timing of parental investments, causing them to be delayed relative to what would occur under full-insurance. Age-dependent subsidies, taxes or transfers can all...