Search Results
Showing results 1 to 10 of approximately 44.
(refine search)
Report
How Should Tax Progressivity Respond to Rising Income Inequality?
Heathcote, Jonathan; Storesletten, Kjetil; Violante, Giovanni L.
(2020-10-19)
We address this question in a heterogeneous-agent incomplete-markets model featuring exogenous idiosyncratic risk, endogenous skill investment, and flexible labor supply. The tax and transfer schedule is restricted to be log-linear in income, a good description of the US system. Rising inequality is modeled as a combination of skill-biased technical change and growth in residual wage dispersion. When facing shifts in the income distribution like those observed in the US, a utilitarian planner chooses higher progressivity in response to larger residual inequality but lower progressivity in ...
Staff Report
, Paper 615
Discussion Paper
Education’s Role in Earnings, Employment, and Economic Mobility
Chakrabarti, Rajashri; Jiang, Michelle
(2018-09-05)
Amid dialogue about the soaring student loan burden, questions arise about how educational characteristics (school type, selectivity, and major) affect disparities in post-college labor market outcomes. In this post, we specifically explore the impact of such school and major choices on employment, earnings, and upward economic mobility. Insight into determinants of economic disparity is key for understanding long-term consumption and inequality patterns. In addition, this gives us a window into factors that could be used to ameliorate income inequality and promote economic mobility.
Liberty Street Economics
, Paper 20180905
Discussion Paper
Did the Value of a College Degree Decline during the Great Recession?
Nober, William; Chakrabarti, Rajashri; Jiang, Michelle
(2019-07-10)
The authors have previously explored the impact of choices regarding school and major on employment, earnings, and upward economic mobility. In this post they extend their work with an investigation into whether these labor market effects were preserved across the last business cycle: Did students with certain types of educational attainment weather the recession better?
Liberty Street Economics
, Paper 20190710
Discussion Paper
Some Places are Much More Unequal than Others
Abel, Jaison R.; Deitz, Richard
(2019-10-07)
Economic inequality in the United States is much more pronounced in some parts of the country than others. In this post, we examine the geography of wage inequality, drawing on our recent Economic Policy Review article. We find that the most unequal places tend to be large urban areas with strong economies where wage growth has been particularly strong for those at the top of the wage distribution. The least unequal places, on the other hand, tend to have relatively sluggish economies that deliver slower wage growth for high, middle, and lower wage earners alike. Many of the least unequal ...
Liberty Street Economics
, Paper 20191007
Discussion Paper
Introduction to Heterogeneity Series II: Labor Market Outcomes
Chakrabarti, Rajashri
(2020-03-03)
While average outcomes serve as important yardsticks for how the economy is doing, understanding heterogeneity—how outcomes vary across a population—is key to understanding both the whole picture and the implications of any given policy. Following our six-part look at heterogeneity in October 2019, we now turn our focus to heterogeneity in the labor market—the subject of four posts set for release tomorrow morning. Average labor market statistics mask a lot of underlying variability—disparities that factor into labor market dynamics. While we have written about labor market ...
Liberty Street Economics
, Paper 20200303
Working Paper
Adjusting to Robots: Worker-Level Evidence
Findeisen, Sebastian; Dauth, Wolfgang; Suedekum, Jens; Woessner, Nicole
(2018-08-21)
We estimate the effect of industrial robots on employment, wages, and the composition of jobs in German labor markets between 1994 and 2014. We find that the adoption of industrial robots had no effect on total employment in local labor markets specializing in industries with high robot usage. Robot adoption led to job losses in manufacturing that were offset by gains in the business service sector. We analyze the impact on individual workers and find that robot adoption has not increased the risk of displacement for incumbent manufacturing workers. They stay with their original employer, and ...
Opportunity and Inclusive Growth Institute Working Papers
, Paper 13
Working Paper
Optimal Need-Based Financial Aid
Sachs, Dominik; Findeisen, Sebastian; Colas, Mark
(2018-09-07)
We study the optimal design of student financial aid as a function of parental income. We derive optimal financial aid formulas in a general model. For a simple model version, we derive mild conditions on primitives under which poorer students receive more aid even without distributional concerns. We quantitatively extend this result to an empirical model of selection into college for the United States that comprises multidimensional heterogeneity, endogenous parental transfers, dropout, labor supply in college, and uncertain returns. Optimal financial aid is strongly declining in parental ...
Opportunity and Inclusive Growth Institute Working Papers
, Paper 14
Working Paper
Explaining Intergenerational Mobility: The Role of Fertility and Family Transfers
Daruich, Diego; Kozlowski, Julian
(2016-11-16)
Poor families have more children and transfer less resources to them. This suggests that family decisions about fertility and transfers dampen intergenerational mobility. To evaluate the quantitative importance of this mechanism, we extend the standard heterogeneous agent life cycle model with earnings risk and credit constraints to allow for endogenous fertility, family transfers, and education. The model, estimated to the US in the 2000s, implies that a counterfactual flat income-fertility profile would-through the equalization of initial conditions-increase intergenerational mobility by ...
Working Papers
, Paper 2018-011
Working Paper
The Macroeconomic Consequences of Early Childhood Development Policies
Daruich, Diego
(2018-10-11)
To study long-run large-scale early childhood policies, this paper incorporates early childhood investments into a standard general-equilibrium (GE) heterogeneous-agent overlapping-generations model. After estimating it using US data, we show that an RCT evaluation of a short-run small-scale early childhood program in the model predicts effects on children's education and income that are similar to the empirical evidence. A long-run large-scale program, however, yields twice as large welfare gains, even after considering GE and taxation effects. Key to this difference is that investing in a ...
Working Papers
, Paper 2018-29
Working Paper
Taxing top earners: a human capital perspective
Badel, Alejandro; Huggett, Mark
(2014-07-23)
We assess the consequences of substantially increasing the marginal tax rate on U.S. top earners using a human capital model. The top of the model Laffer curve occurs at a 53 percent top tax rate. Tax revenues and the tax rate at the top of the Laffer curve are smaller compared to an otherwise similar model that ignores the possibility of skill change in response to a tax reform. We also show that if one applies the methods used by Diamond and Saez (2011) to provide quantitative guidance for setting the tax rate on top earners to model data then the resulting tax rate exceeds the tax rate at ...
Working Papers
, Paper 2014-17
FILTER BY year
FILTER BY Bank
Board of Governors of the Federal Reserve System (U.S.) 15 items
Federal Reserve Bank of Minneapolis 12 items
Federal Reserve Bank of New York 6 items
Federal Reserve Bank of St. Louis 4 items
Federal Reserve Bank of Cleveland 3 items
Federal Reserve Bank of Dallas 2 items
Federal Reserve Bank of Philadelphia 2 items
show more (2)
show less
FILTER BY Series
Finance and Economics Discussion Series 14 items
Working Papers 11 items
Liberty Street Economics 5 items
Staff Report 5 items
Globalization Institute Working Papers 2 items
Opportunity and Inclusive Growth Institute Working Papers 2 items
Cascade 1 items
Economic Policy Review 1 items
International Finance Discussion Papers 1 items
Speech 1 items
Working Papers (Old Series) 1 items
show more (6)
show less
FILTER BY Content Type
Working Paper 31 items
Discussion Paper 5 items
Report 5 items
Journal Article 2 items
Speech 1 items
FILTER BY Author
Thompson, Jeffrey P. 5 items
Chakrabarti, Rajashri 4 items
Carroll, Daniel R. 3 items
Dolmas, James 3 items
Moore, Kevin B. 3 items
Schmitz, James A. 3 items
Young, Eric R. 3 items
Abel, Jaison R. 2 items
Boerma, Job 2 items
Bricker, Jesse 2 items
Daruich, Diego 2 items
Deitz, Richard 2 items
Findeisen, Sebastian 2 items
Heathcote, Jonathan 2 items
Jiang, Michelle 2 items
Karabarbounis, Loukas 2 items
Nielsen, Eric 2 items
Violante, Giovanni L. 2 items
Volz, Alice Henriques 2 items
Aaronson, Stephanie 1 items
Atkeson, Andrew 1 items
Badel, Alejandro 1 items
Batty, Michael M. 1 items
Bhattarai, Saroj 1 items
Briggs, Joseph S. 1 items
Brueckner, Markus 1 items
Cajner, Tomaz 1 items
Choudhary, M. Ali 1 items
Colas, Mark 1 items
Daly, Mary C. 1 items
Dauth, Wolfgang 1 items
Doniger, Cynthia L. 1 items
Falcettoni, Elena 1 items
Feiveson, Laura 1 items
Fettig, David 1 items
Fisher, Jonathan D. 1 items
Gornemann, Nils 1 items
Harker, Patrick T. 1 items
Holmquist, Elizabeth Ball 1 items
Hotchkiss, Julie L. 1 items
Huggett, Mark 1 items
Irie, Magnus 1 items
Jacobs, Lindsay 1 items
Jain, Anil K. 1 items
Jaravel, Xavier 1 items
Johnson, David 1 items
Kozlowski, Julian 1 items
Lee, Jae Won 1 items
Llanes, Elizabeth 1 items
Long, Ngo Van 1 items
Looney, Adam 1 items
Luttmer, Erzo G. J. 1 items
Martellini, Paolo 1 items
Mazewski, Matthew 1 items
McIntosh, Susan Hume 1 items
Menzio, Guido 1 items
Mertens, Karel 1 items
Nober, William 1 items
Nygaard, Vegard 1 items
Parisi, Michael 1 items
Park, Woong Yong 1 items
Perri, Fabrizio 1 items
Pugsley, Benjamin 1 items
Radler, Tyler 1 items
Ramos, Gabriela 1 items
Ratner, David 1 items
Reber, Sarah 1 items
Rubinton, Hannah 1 items
Sachs, Dominik 1 items
Sager, Erick 1 items
Shatto, Molly 1 items
Sim, Jae W. 1 items
Smeeding, Timothy 1 items
Sommer, Kamila 1 items
Storesletten, Kjetil 1 items
Suarez, Gustavo A. 1 items
Suedekum, Jens 1 items
Sweeney, Tom 1 items
Vespignani, Joaquin L. 1 items
Vidangos, Ivan 1 items
Wascher, William L. 1 items
Wilcox, David W. 1 items
Woessner, Nicole 1 items
Yang, Choongryul 1 items
show more (79)
show less
FILTER BY Jel Classification
J24 7 items
E21 5 items
D31 4 items
E52 4 items
E62 4 items
J22 4 items
D22 3 items
D42 3 items
D52 3 items
D63 3 items
D72 3 items
E24 3 items
I24 3 items
J64 3 items
K0 3 items
L0 3 items
L12 3 items
D10 2 items
D14 2 items
D30 2 items
D60 2 items
D91 2 items
E31 2 items
I22 2 items
I31 2 items
J13 2 items
J15 2 items
J31 2 items
J62 2 items
R11 2 items
C2 1 items
D61 1 items
E01 1 items
E2 1 items
E20 1 items
E30 1 items
E32 1 items
E58 1 items
E63 1 items
F1 1 items
F10 1 items
F13 1 items
F14 1 items
F16 1 items
G21 1 items
G28 1 items
H00;E2 1 items
H2 1 items
H20 1 items
H21 1 items
H22 1 items
H23 1 items
H24 1 items
H31 1 items
H5 1 items
H50 1 items
I26 1 items
I28 1 items
J00 1 items
J01 1 items
J10 1 items
J16 1 items
J23 1 items
J41 1 items
J7 1 items
K21 1 items
L20 1 items
N3 1 items
O16 1 items
O30 1 items
O33 1 items
O40 1 items
O47 1 items
O50 1 items
R1 1 items
R10 1 items
R12 1 items
R13 1 items
R23 1 items
show more (74)
show less
FILTER BY Keywords
Inequality 44 items
Consumption 4 items
Incomplete Markets 4 items
Wealth 4 items
Competition 3 items
Cournot 3 items
Essential Set 3 items
Harberger 3 items
Monopoly 3 items
Political Economy 3 items
Sabotage 3 items
Voting 3 items
Earnings 2 items
Economic mobility 2 items
Education 2 items
Employment 2 items
Growth 2 items
Henry Simons 2 items
Housing 2 items
Labor supply 2 items
Optimal taxation 2 items
Racial Disparities 2 items
Recession 2 items
Redistribution 2 items
Skill-biased technical change 2 items
Thurman Arnold 2 items
Unemployment 2 items
Human Capital 2 items
Intergenerational mobility 2 items
Monetary Policy 2 items
Wages 2 items
Achievement gaps 1 items
Adverse selection 1 items
Automation 1 items
Average inflation targeting 1 items
Biased technical change 1 items
Boom 1 items
Business Cycle 1 items
Business Cycles 1 items
Bust 1 items
COVID-19 1 items
Capital 1 items
Capital tax rate 1 items
Capital-skill complementarity 1 items
China 1 items
College subsidies 1 items
Cost of living 1 items
Credit markets 1 items
DW Nominate 1 items
Debt 1 items
Discrimination 1 items
Dyfunctionality 1 items
Earnings losses upon displacement 1 items
Economic data 1 items
Economic measurement 1 items
Economics 1 items
Effective lower bound 1 items
Expected utility 1 items
Factory-built housing 1 items
Families 1 items
Family firms 1 items
Fertility 1 items
Financial aid 1 items
Financial stability 1 items
Fossil fuel industry 1 items
Geography 1 items
HUD 1 items
Hand to mouth 1 items
Heterogeneity 1 items
Heterogeneous agent New Keynesian model 1 items
Home production 1 items
Household economics 1 items
Income distribution 1 items
Knowledge diffusion 1 items
Labor 1 items
Labor Force Participation 1 items
Labor market institutions 1 items
Labor supply and demand 1 items
Laffer Curve 1 items
Leisure productivity 1 items
Liquidity 1 items
Living standards 1 items
Local Labor Markets 1 items
Manufactured homes 1 items
Marginal Tax Rates 1 items
Markups 1 items
Measurement error 1 items
Modular housing 1 items
NAHB 1 items
National accounts 1 items
Nimbyism 1 items
Non-Gravity Trade 1 items
Non-participation 1 items
Opportunity 1 items
Pensions 1 items
Polarization 1 items
Poverty 1 items
Price-level targeting 1 items
Prices 1 items
Quality of life 1 items
Racial Wealth Gap 1 items
Relationships 1 items
Representative agent New Keynesian model 1 items
Retirement 1 items
Saving 1 items
Search frictions 1 items
Shared Prosperity in America’s Communities 1 items
Silent spreaders 1 items
Skills 1 items
Social mobility 1 items
Social security 1 items
Spatial Changes 1 items
States of America 1 items
Tax progressivity 1 items
Time use 1 items
Tobacco industry 1 items
Top incomes 1 items
Trade 1 items
Transition dynamics 1 items
Volatility 1 items
Wage rigidity 1 items
Wealth distribution 1 items
Wealth dynamics 1 items
Welfare comparison 1 items
Welfare implications 1 items
Zero earnings 1 items
early childhood development 1 items
economic growth 1 items
regional 1 items
taxation 1 items
show more (131)
show less