To slow the COVID-19 virus, many countries shut down parts of the economy. Older
individuals have the most to gain from slowing virus diffusion. Younger workers in shuttered …

This paper formalizes and quantifies the secular stagnation hypothesis, defined as a
persistently low or negative natural rate of interest leading to a chronically binding zero …

This paper introduces a new long-run data set based on archival data from historical waves
of the Survey of Consumer Finances. Studying the joint distribution of household income …

In this essay, we discuss the emerging literature in macroeconomics that combines
heterogeneous agent models, nominal rigidities, and aggregate shocks. This literature …

The goal of this chapter is to study how, and by how much, household income, wealth, and
preference heterogeneity amplify and propagate a macroeconomic shock. We focus on the …

Abstract We build a New Keynesian business-cycle model with rich household
heterogeneity. A central feature is that matching frictions render labor-market risk …

This paper aims at an improved understanding of the relationship between monetary policy
and racial inequality. We investigate the distributional effects of monetary policy in a unified …

This paper shows that the unequal incidence of recessions in the labor market amplifies
aggregate shocks. Using administrative data from the United States, I document a positive …

Financial wealth inequality and long-term real interest rates track each other closely over the
post-war period. Faced with unanticipated lower real rates, households which rely more on …

The Great Recession had far-reaching effects on both the supply and demand sides of
higher education. On the supply side, postsecondary institutions experienced cuts to …