In his widely discussed book 'Fault Lines'(2010), Raghuram Rajan argues that many low
and middle income consumers have reduced their saving and increased debt since income …

Macroeconomics is evolving from the study of aggregate dynamics to the study of the
dynamics of the entire equilibrium distribution of allocations across individual economic …

We assess the degree of consumption smoothing implicit in a calibrated life-cycle version of
the standard incomplete-markets model, and we compare it to the empirical estimates of …

Abstract This paper uses Consumer Expenditure Survey data and a seminonparametric
statistical model to estimate life cycle profiles of consumption, controlling for demographics …

Studies of economic inequality almost always separately examine income, consumption,
and wealth inequality, and hence, miss the important synergy amongst the three measures …

The wealth distribution in Bewley economies with capital income risk - ScienceDirect Skip to main
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The recent debates about the role of income inequality in causing the “Great Recession” are
surveyed along different dimensions. First, we review the controversy about the “Rajan …

Alan Greenspan recently stated," There is a surprising difference between the trends in the
dispersion of holdings of claims to goods and services (income and wealth) and trends in …

This paper examines the distribution of income and consumption in the US using one
dataset that obtains measures of both income and consumption from the same set of …

Recent studies of economic inequality almost always separately examine income inequality,
consumption inequality, and wealth inequality, and hence, these studies miss the important …