I develop a heterogeneous-agent New-Keynesian model featuring racial inequality in
income and wealth, and studies interactions between racial inequality and monetary policy …

We show that the current US progressive personal income tax system is superior to a
counterfactual flat tax reform in terms of promoting entrepreneurship in a heterogeneous …

Entrepreneurs face non-trivial uncertainty upon entry and they gradually learn about their
innate ability to reduce uncertainty over the life cycle. In this paper, we first establish …