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When explaining the declining labor income share in advanced economies, the macro literature finds that the elasticity of substitution between capital and ...

To study the role of uncertainty and learning in selection into entrepreneurship at various life stages, we develop a quantitative model of occupational choice ...

This paper analyzes the pass-through of inflation expectations into the prices and wages set by firms. We conduct a survey of firms using a tailored ...

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In 2004, 75 million people across 10 countries joined the European Union (EU). Over the subsequent 15 years, their GDP per capita has almost doubled. Using a ...

When agents’ information is imperfect and dispersed, existing measures of macroeconomic uncertainty based on the forecast error variance have two distinct ...

This paper studies how college admissions preferences for low income students affect intergenerational earnings mobility. We develop a quantitative model of ...

The exposure of firms and financial institutions to aggregate shocks is a key driver behind financial crises. This paper studies how idiosyncratic uninsurable ...

This paper investigates the financial stability consequences of banks' interest rate risk exposure and uninsured deposit funding share. We develop a model ...