Archive
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Working Paper
Working PaperMapping Fragility – Functions of Wealth and Social Classes in US Household Finance
Jan 2024
Examining the crucial role of poverty and inequality in shaping household indebtedness.
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Working Paper
Working Paper SeriesModigliani Meets Minsky: Inequality, Debt, and Financial Fragility in America, 1950-2016
May 2020
Increased borrowing by middle-class families with low income growth played a central role in rising indebtedness
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Working Paper
Working paperNonparametric Euler Equation Identication and Estimation
Sep 2015
We consider nonparametric identification and estimation of pricing kernels, or equivalently of marginal utility functions up to scale, in consumption based asset pricing Euler equations. Ours is the first paper to prove nonparametric identification of Euler equations under low level conditions (without imposing functional restrictions or just assuming completeness).
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Working Paper
Working paperThe Consumption Response to Liquidity-Enhancing Transfers: Evidence from Italian Earthquakes
Jun 2015
Exploiting three earthquakes in Italy as quasi-experiments, we analyse the response of homeowners’ consumption to transfers targeted to finance housing repair and reconstruction. To the extent that funds are made available up-front, these transfers are akin to loans, mainly affecting the liquidity of households’ wealth
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Working Paper
Conference paperPseudo-wealth Fluctuations and Aggregate Demand Effects
Apr 2015
This paper presents a theory of pseudo-wealth in a model that displays aggregate demand externalities.
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Working Paper
Conference paperRising Inequality, Demand, and Growth in the US Economy
Feb 2015
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Working Paper
Conference paperIncome Distribution and the Current Account: A Sectoral Perspective
Dec 2013
We analyse the link between income distribution and the current account for the period 1972-2007. We find that rising (top-end) personal inequality leads to a decrease of the current account, ceteris paribus.
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Working Paper
Grantee paperIncome Distribution and Current Account Imbalances
Oct 2013
We develop a three-country, stock-flow consistent macroeconomic model to study the effects of changes in both personal and functional income distribution on national current account balances.