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The U.S. economy shows a contrasting difference in cyclical properties between low- and high-income groups. Income shares of the bottom three income quintiles are procyclical; while those of the next 35 percent are countercyclical. However, the income share of the very top five percent income...
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It is well-known that real wages are procyclical conditional on a monetary policy shock. This paper challenges this conventional view by using a quantitative heterogeneous-agent New Keynesian economy with sticky wages. In the model with benchmark calibration, the wage rate per effective unit of...
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Government spending shocks have substantially different effects on consumers across the income distribution: consumption increases for the poor whereas it decreases for the rich in response to a rise in government expenditure. I shed light on this issue by incorporating a progressive tax scheme...
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