Family support in the form of intergenerational transfers could serve as a substitute for the public transfer system, especially when the public safety net is weak. Intergenerational transfers could be impacted by changes in public insurance. Conversely, induced changes in family transfers could...

We calibrate an incomplete markets large scale OLG model to the US income and wealth distribution and examine the effects of alternative government debt levels and adjustment policies on macroeconomic aggregates and welfare. We find that the government should hold negative debt. Due to the high...

It has long been argued that a minimum wage could alleviate efficiency losses from monopsony power. In a general equilibrium framework that quantitatively replicates results from recent empirical studies, we find higher minimum wages can improve welfare, but most welfare gains stem from...