New Research
Heathcote, Storesletten, Violante: Optimal Progressivity with Age-Dependent Taxation
Optimal Progressivity with Age-Dependent Taxation Jonathan Heathcote, Monetary Advisor Kjetil Storesletten, University of Oslo Giovanni L. Violante, Princeton University August 2017 | Federal Reserve Bank of Minneapolis Staff Report 551 This paper studies optimal...
read moreConesa and Kehoe: Productivity, Taxes, and Hours Worked in Spain: 1970-2015
In the early 1970s, hours worked per working-age person in Spain were higher than in the United States. Starting in 1975, however, hours worked in Spain fell by 40 percent.
read moreHeathcote, Storesletten, Violante: The Macroeconomics of the Quiet Revolution: Understanding the Implications of the Rise in Women’s Participation for Economic Growth and Inequality
We study the impact of the rise in female labor supply on the economic performance of the United States over the period 1967-2002 through the lens of a calibrated structural model.
read moreAtkeson, Eisfeldt, Weill: Measuring the Financial Soundness of U.S. Firms, 1926–2012
We measure the distribution of firms’ financial soundness over most of the last century for a broad cross section of firms.
read moreMcGrattan and Prescott: On Financing Retirement with an Aging Population
A problem that faces many countries including the United States is how to finance retirement consumption as the population ages.
read moreGuvenen, Karahan, Ozkan, Song: Heterogeneous Scarring Effects of Full-Year Nonemployment
Drawing on administrative data from the Social Security Administration, we find that individuals that go through a long period of non-employment suffer large and long-term earnings losses (around 35-40 percent) compared to individuals with similar age and previous earnings histories.
read moreFitzgerald and Haller: Exporters and Shocks
We use micro data for Ireland to estimate how export participation and the export revenue of incumbent exporters respond to tariffs and real exchange rates. Both participation and revenue, but especially revenue, are more responsive to tariffs than to real exchange rates.
read moreChari, Dovis, Kehoe: Reforming the European Monetary Union
We offer a theoretically based narrative that attempts to account both for the formation of the European Monetary Union (EMU) and for the challenges it has faced.
read moreConesa, Costa, Kamali, Kehoe, Nygard, Raveendranathan, Saxena: Macroeconomic Effects of Medicare
This paper develops an overlapping generations model to study the macroeconomic effects of an unexpected elimination of Medicare.
read moreArellano, Bai, Bocola: Sovereign Default Risk and Firm Heterogeneity
This paper studies the recessionary effects of sovereign default risk using firm-level data and a model of sovereign debt with firm heterogeneity.
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