This article argues that a satisfactory theory of wealth inequality should account not only for the marginal distribution of wealth, but also for the joint distribution of wealth and earnings. The article describes the joint distribution of retirement wealth and lifetime earnings in the Panel...

This paper proposes a theory of educational attainment differences across U.S. metropolitan areas. The theory is motivated by the finding that employment in business services predicts more than 70% of the observed cross-city variation in education. In the model, agglomeration economies in the...

This paper studies the effect of graduating from college on lifetime earnings. We develop a quantitative model of college choice with uncertain graduation. Departing from much of the literature, we model in detail how students progress through college. This allows us to parameterize the model...