This paper derives a closed-form solution for optimally allocating resources among heterogeneous individuals subject to individual-specific allocation constraints assuming the planner has CES-preferences and returns to allocations are non-increasing. We derive the optimal allocation of stimulus...

We use an expected utility framework to examine how living standards, or welfare, vary across the U.S. and how each state's welfare has evolved over time. Our welfare measure accounts for cross-state variations in mortality, consumption, education, inequality, and cost of living. While...

We develop and calibrate an overlapping generations general equilibrium model of the U.S. economy with heterogeneous consumers who face idiosyncratic earnings and health risk to study the implications of exogenous trends in increasing college attainment, decreasing fertility, and increasing...

This Note is meant to present an overview of what economists have analyzed regarding the implications of two main components of the CARES Act that impact individuals: the increased UI benefits and the stimulus checks. We present the findings from the literature on these two policies with an eye...

Congress passed the first COVID-19 relief package for businesses and individuals in March 2020, when the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted, providing, among other things, one-time stimulus checks for individuals, extended unemployment insurance (UI) benefits,...

We develop an overlapping generations general equilibrium model of the U.S. economy with heterogeneous consumers who face idiosyncratic earnings and health risk to study the implications of increasing college attainment, decreasing fertility, and increasing longevity (2005-2100). While all three...