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810,424
Income and Wealth Heterogeneity in the Macroeconomy,
 Journal of Political Economy
, 1998
"... How do movements in the distribution of income and wealth affect the macroeconomy? We analyze this question using a calibrated version of the stochastic growth model with partially uninsurable idiosyncratic risk and movements in aggregate productivity. Our main finding is that, in the stationary st ..."
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Cited by 662 (10 self)
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and skewness in wealth than U.S. data. However, an extension that relies on a small amount of heterogeneity in thrift does succeed in replicating the key features of the wealth data. Furthermore, this extension features aggregate time series that depart significantly from permanent income behavior.
PROBABILITY INEQUALITIES FOR SUMS OF BOUNDED RANDOM VARIABLES
, 1962
"... Upper bounds are derived for the probability that the sum S of n independent random variables exceeds its mean ES by a positive number nt. It is assumed that the range of each summand of S is bounded or bounded above. The bounds for Pr(SES> nt) depend only on the endpoints of the ranges of the s ..."
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Cited by 2171 (2 self)
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of the smumands and the mean, or the mean and the variance of S. These results are then used to obtain analogous inequalities for certain sums of dependent random variables such as U statistics and the sum of a random sample without replacement from a finite population.
Computing Inequality: Have Computers Changed the Labor Market?
 QUARTERLY JOURNAL OF ECONOMICS
, 1998
"... This paper examines the effect of skillbiased technological change as measured by computerization on the recent widening of U. S. educational wage differentials. An analysis of aggregate changes in the relative supplies and wages of workers by education from 1940 to 1996 indicates strong and persis ..."
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Cited by 472 (17 self)
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This paper examines the effect of skillbiased technological change as measured by computerization on the recent widening of U. S. educational wage differentials. An analysis of aggregate changes in the relative supplies and wages of workers by education from 1940 to 1996 indicates strong
Government Purchases Over the Business Cycle: the Role of Economic and Political Inequality
, 2010
"... This paper explores the implications of economic and political inequality for the business cycle comovement of government purchases. We set up and compute a heterogeneousagent neoclassical growth model, where households value government purchases which are financed by income taxes. A key feature of ..."
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Cited by 4 (0 self)
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of the model is a wealth bias in the political aggregation process. When calibrated to U.S. wealth inequality and exposed to aggregate productivity shocks, such a model is able to generate milder procyclicality of government purchases than models with no political wealth bias. The degree of wealth bias
Does Income Inequality Lead to Consumption Inequality? Evidence and Theory
, 2005
"... Using data from the Consumer Expenditure Survey, we first document that the recent increase in income inequality in the United States has not been accompanied by a corresponding rise in consumption inequality. Much of this divergence is due to different trends in withingroup inequality, which has i ..."
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Cited by 347 (27 self)
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in Aiyagari, 1994), can account for the documented stylized consumption inequality facts from the U.S. data.
Accounting for the U.S. Earnings and Wealth Inequality
 FORTHCOMING IN THE JOURNAL OF POLITICAL ECONOMY
, 2002
"... We show that a theory of earnings and wealth inequality based on the optimal choices of exante identical households who face uninsured idiosyncratic shocks to their endowments of efficiency labor units accounts for the U.S. earnings and wealth inequality almost exactly. Relative to previous work, ..."
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Cited by 57 (1 self)
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We show that a theory of earnings and wealth inequality based on the optimal choices of exante identical households who face uninsured idiosyncratic shocks to their endowments of efficiency labor units accounts for the U.S. earnings and wealth inequality almost exactly. Relative to previous work
Consumption, Aggregate Wealth, and Expected Stock Returns
 THE JOURNAL OF FINANCE • VOL. LVI, NO. 3 • JUNE 2001
, 2001
"... This paper studies the role of fluctuations in the aggregate consumption–wealth ratio for predicting stock returns. Using U.S. quarterly stock market data, we find that these fluctuations in the consumption–wealth ratio are strong predictors of both real stock returns and excess returns over a Treas ..."
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Cited by 308 (23 self)
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This paper studies the role of fluctuations in the aggregate consumption–wealth ratio for predicting stock returns. Using U.S. quarterly stock market data, we find that these fluctuations in the consumption–wealth ratio are strong predictors of both real stock returns and excess returns over a
Deciphering the liquidity and credit crunch 20072008
 Journal of Economic Perspectives
, 2009
"... T he financial market turmoil in 2007 and 2008 has led to the most severefinancial crisis since the Great Depression and threatens to have largerepercussions on the real economy. The bursting of the housing bubble forced banks to write down several hundred billion dollars in bad loans caused by mort ..."
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Cited by 354 (4 self)
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by mortgage delinquencies. At the same time, the stock market capitalization of the major banks declined by more than twice as much. While the overall mortgage losses are large on an absolute scale, they are still relatively modest compared to the $8 trillion of U.S. stock market wealth lost between October
Comparing Wealth Effects: The Stock Market vs. the Housing Market,” NBER Working Paper No
, 2001
"... We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. We impute the aggregate valu ..."
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Cited by 297 (11 self)
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We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. We impute the aggregate
Results 1  10
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810,424