asymmetry are usually considered as mutually exclusive. Using a single data set for US personal consumption, income and wealth … literature. Our findings can also be interpreted in the context of the secular decline in the US personal savings rate before the …

intermediation turns an otherwise diversifiable source of idiosyncratic economic uncertainty, the 'risk shock', into a systemic force …

This paper proposes and tests a theory of credit-driven asset bubbles which are neutral in their real effects. When a … output comes from an unusual regime. -- Bubbles ; fiscal theory of the price level ; collateral constraints ; neutrality …

equilibrium framework with heterogeneous agents and a fiscal structure resembling the actual U.S. tax system. The wealth and … marginal tax rate decreases inequality in both wealth and income but also leads to a contraction of the aggregate economy. This …

equilibrium framework with heterogeneous agents and a fiscal structure resembling the actual US tax system. The wealth and income … tax rate decreases inequality in both wealth and income but also leads to a contraction of the aggregate economy. This is …