- — — — . 2004. Wealth Inequality and Intergenerational Links. The Review of Economic Studies 71 (3): 743-768.
Paper not yet in RePEc: Add citation now
- — — — . 2006. From Individual to Aggregate Labor Supply: A Quantitative Analysis Based on a Heterogenous Agent Macroeconomy. International Economic Review 47 (1): 1-27.
Paper not yet in RePEc: Add citation now
- — — — . 2008. Aggregate Implications of Indivisible Labor, Incomplete Markets, and Labor Market Frictions. Journal of Monetary Economics 55 (5): 961-979.
Paper not yet in RePEc: Add citation now
- — — — . 2008. Insurance and Opportunities: A Welfare Analysis of Labor Market Risk. Journal of Monetary Economics 55 (3): 501-525.
Paper not yet in RePEc: Add citation now
- — — — . 2014. Consumption and Labor Supply with Partial Insurance: An Analytical Framework. American Economic Review 104 (7): 2075-2126.
Paper not yet in RePEc: Add citation now
Aiyagari, S. Rao. 1994. Uninsured Idiosyncratic Risk and Aggregate Saving. The Quarterly Journal of Economics 109 (3): 659-684.
Alonso-Ortiz, Jorge and Richard Rogerson. 2010. Taxes, Transfers and Employment in an Incomplete Markets Model. Journal of Monetary Economics 57 (8): 949-958.
Attanasio, Orazio, Hamish Low, and Virginia Sanchez-Marcos. 2005. Female Labor Supply as Insurance Against Idiosyncratic Risk. Journal of the European Economic Association 3 (2-3): 755-764.
Browning, Martin, Lars Peter Hansen, and James J. Heckman. 1999. Micro Data and General Equilibrium Models. Handbook of Macroeconomics 1: 543-633.
Castaneda, Ana, Javier DÃaz-Giménez, and José-VÃctor RÃos-Rull. 2003. Accounting for the US Earnings and Wealth Inequality. Journal of Political Economy 111 (4): 818-857.
Chang, Yongsung and Sun-Bin Kim. 2007. Heterogeneity and Aggregation: Implications for LaborMarket Fluctuations. The American Economic Review 97 (5): 1939-1956.
Chang, Yongsung, Sun-Bin Kim, Kyooho Kwon, and Richard Rogerson. 2014. Individual and Aggregate Labor Supply in a Heterogenous Agent Economy with Intensive and Extensive Margins. Working paper.
Chetty, Raj, Adam Guren, Day Manoli, and Andrea Weber. 2012. Does Indivisible Labor Explain the Dierence between Micro and Macro Elasticities? A Meta-Analysis of Extensive Margin Elasticities. In NBER Macroeconomics Annual 2012, Volume 27: University of Chicago Press.
DÃaz-Giménez, Javier, Andy Glover, and José-VÃctor RÃos-Rull. 2011. Facts on the Distributions of Earnings, Income, and Wealth in the United States: 2007 Update. Federal Reserve Bank of Minneapolis Quarterly Review 34 (1): 2-31.
De Nardi, Mariacristina. 2015. Quantitative Models of Wealth Inequality: A Survey. NBER Working Paper No. 21106.
- Domeij, David and Jonathan Heathcote. 2004. On the Distributional Eects of Reducing Capital Taxes. International Economic Review 45 (2): 523-554.
Paper not yet in RePEc: Add citation now
Domeij, David and Martin Floden. 2006. The Labor-Supply Elasticity and Borrowing Constraints: Why Estimates are Biased. Review of Economic Dynamics 9 (2): 242-262.
Ferriere, Axelle and Gaston Navarro. 2016. The Heterogeneous Eects of Government Spending: It’ s All About Taxes. Working paper.
Floden, Martin and Jesper Linde 2001. Idiosyncratic Risk in the United States and Sweden: Is there a Role for Government Insurance? Review of Economic Dynamics 4 (2): 406-437.
Gruber, Jonathan. 2006. A Tax-Based Estimate of the Elasticity of Intertemporal Substitution.
Heathcote, Jonathan, Fabrizio Perri, and Giovanni L. Violante. 2010. Unequal we Stand: An Empirical Analysis of Economic Inequality in the United States, 1967– 2006. Review of Economic Dynamics 13 (1): 15-51.
- Heathcote, Jonathan, Kjetil Storesletten, and Giovanni L. Violante. 2016. Optimal Tax Progressivity: An Analytical Framework. Working paper.
Paper not yet in RePEc: Add citation now
Hubbard, R. Glenn, Jonathan Skinner, and Stephen P. Zeldes. 1995. Precautionary Saving and Social Insurance. Journal of Political Economy: 360-399.
Huggett, Mark. 1993. The Risk-Free Rate in Heterogeneous-Agent Incomplete-Insurance Economies. Journal of Economic Dynamics and Control 17 (5): 953-969.
- Imrohoro glu, Ayşe. 1989. Cost of Business Cycles with Indivisibilities and Liquidity Constraints. Journal of Political Economy 97 (6): 1364-1383.
Paper not yet in RePEc: Add citation now
Keane, Michael P. 2011. Labor Supply and Taxes: A Survey. Journal of Economic Literature 49 (4): 961-1075.
Keane, Michael P. and Richard Rogerson. 2012. Micro and Macro Labor Supply Elasticities: A Reassessment of Conventional Wisdom. Journal of Economic Literature 50 (2): 464-476.
Kindermann, Fabian and Dirk Krueger. 2016.High Marginal Tax Rates on the Top 1%? Lessons from a Life Cycle Model with Idiosyncratic Income Risk. Working paper.
King, Robert G. and Sergio T. Rebelo. 1999. Resuscitating Real Business Cycles. Handbook of Macroeconomics 1: 927-1007.
King, Robert, Charles Plosser, and Sergio Rebelo. 1988. Production, Growth and Business Cycles: I. the Basic Neoclassical Model. Journal of Monetary Economics 21 (2-3): 195-232.
Krusell, Per and Jr Smith Anthony A. 1998. Income and Wealth Heterogeneity in the Macroeconomy. Journal of Political Economy 106 (5): 867-896.
Krusell, Per, Toshihiko Mukoyama, Richard Rogerson, and Ayşegul Şahin. 2010. Aggregate Labor Market Outcomes: The Roles of Choice and Chance. Quantitative Economics 1 (1): 97-127.
Kuhn, Moritz and JV RÃos-Rull. 2015. 2013 Update on the US Earnings, Income, and Wealth Distributional Facts: A View from Macroeconomics. Federal Reserve Bank of Minneapolis, Quarterly Review 37 (1).
- Ljungqvist, Lars and Thomas J. Sargent. 2008. Taxes, Bene…ts, and Careers: Complete Versus Incomplete Markets. Journal of Monetary Economics 55 (1): 98-125.
Paper not yet in RePEc: Add citation now
Mendoza, Enrique G., Assaf Razin, and Linda L. Tesar. 1994. Eective Tax Rates in Macroeconomics: Cross-Country Estimates of Tax Rates on Factor Incomes and Consumption. Journal of Monetary Economics 34 (3): 297-323.
Mustre-del-Rio, Jose. 2015. Wealth and Labor Supply Heterogeneity. Review of Economic Dynamics 18 (3): 619-634. Oh, Hyunseung, and Ricardo Reis. Targeted transfers and the …scal response to the great recession.
- NBER Working Paper 11945 Guvenen, Fatih. 2006. Reconciling Con‡ icting Evidence on the Elasticity of Intertemporal Substitution: A Macroeconomic Perspective. Journal of Monetary Economics 53 (7): 1451-1472.
Paper not yet in RePEc: Add citation now
Pijoan-Mas, Josep. 2006. Precautionary Savings Or Working Longer Hours? Review of Economic Dynamics 9 (2): 326-352.
Quadrini, Vincenzo. 2000. Entrepreneurship, Saving, and Social Mobility. Review of Economic Dynamics 3 (1): 1-40.
Rogerson, Richard and Johanna Wallenius. 2009. Micro and Macro Elasticities in a Life Cycle Model with Taxes. Journal of Economic Theory 144 (6): 2277-2292.
Rogerson, Richard. 2007. Taxation and Market Work: Is Scandinavia an Outlier? Economic Theory 32 (1): 59-85.
- Rouwenhorst, K. Geert. 1995. Asset pricing implications of equilibrium business cycle models. In: Cooley, T.F.(Ed.), Frontiers of Business Cycle Research. Princeton University Press, Princeton, NJ, pp. 294– 330.
Paper not yet in RePEc: Add citation now
- The annual total hours of worked is constructed as the product of the hours worked per week and the number of work weeks. The statistics in the papers are based on the threshold value of 1000 hours for someone to be de…ned as employed. The threshold value changes the average employment rate, but does not alter the cross-sectional relationship between wealth and labor supply signi…cantly.
Paper not yet in RePEc: Add citation now
- The household-level transfer is obtained from the Survey of Income and Program Participation (SIPP). It contains rich information on various transfers. The samples considered are from the …rst to ninth waves of the SIPP in 2001, which covers from 2001 to 2003. The same age restrictions are used as above. The number of observations used for the empirical analysis is 257; 335. The amount of transfers at the household level is computed as the sum of various transfer programs including
Paper not yet in RePEc: Add citation now
- To construct earnings and wealth variables, I closely follow the de…nitions in Diaz, Glover and Rios-Rull (2011) and Kuhn and Rios-Rull (2015). Speci…cally, the variable of earnings is de…ned as wages and salaries of all kinds plus the 86 percent of the business income such as income from professional practices, businesses, and farm sources. Wealth is de…ned as the net worth of a household. In other words, it is the value of …nancial real assets of all kinds minus the value of all kinds of liabilities. See Diaz et al. (2011) and Kuhn and Rios-Rull (2015) for details about various sub-categories of assets and liabilities that are extensively covered in the SCF data set. To construct an employment variable, I use the household head’ s annual total hours of worked.
Paper not yet in RePEc: Add citation now
- Trabandt, Mathias and Harald Uhlig. 2011. The Laer Curve Revisited. Journal of Monetary Economics 58 (4): 305-327.
Paper not yet in RePEc: Add citation now