Does inflation vary across the income distribution? This article reviews the growing literature
on inflation inequality, describing recent advances and opportunities for further research in …

Debt in emerging markets and developing economies is at its highest level in half a century.
In about 9 in 10 emerging markets and developing economies, debt is higher now than it …

Recent research has found that monetary policy works in part by influencing the risk
premiums on both traded financial-market securities and intermediated loans. Research has …

Progress in artificial intelligence and related forms of automation technologies threatens to
reverse the gains that developing countries and emerging markets have experienced from …

We propose a theory of indebted demand, capturing the idea that large debt burdens lower
aggregate demand, and thus the natural rate of interest. At the core of the theory is the …

Rising income inequality since the 1980s in the United States has generated a substantial
increase in saving by the top of the income distribution, which we call the saving glut of the …

Do wealthier households save a larger share of their incomes than poorer ones? We use
Norwegian administrative panel data on income and wealth to answer this empirical …

We argue that the economy of the industrialized world taken as a whole is currently–and for
the foreseeable future will remain–highly prone to secular stagnation. But for extraordinary …

We propose a general and highly efficient method for solving and estimating general
equilibrium heterogeneous‐agent models with aggregate shocks in discrete time. Our …

The benefits of new technologies accrue not only to high‐skilled labor but also to owners of
capital in the form of higher capital incomes. This increases inequality. To make this …