We study the quantitative properties of constrained efficient allocations in an environment where risk sharing is limited by the presence of private information. We consider a life cycle version of a standard Mirrlees economy where shocks to labor productivity have a component that is public...

We present the first estimates of long-run trends in intergenerational relative mobility for samples that are representative of the full U.S.-born population. Harmonizing all surveys that ask about father's occupation and own family income, we develop a mobility measure that allows for the...

Why have white, less educated voters left the Democratic Party over the past few decades? Scholars have proposed ethnocentrism, social issues and deindustrialization as potential answers. We highlight the role played by the 1994 North American Free Trade Agreement (NAFTA). In event-study...