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YiLi Chien

Senior Economic Policy Advisor · Federal Reserve Bank of St. Louis

Senior Economic Policy Advisor at the Federal Reserve Bank of St. Louis. His research covers macroeconomics, public finance, international finance and household finance, including optimal taxation work co-authored with Yi Wen.

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Published Classic Journal of Economic Theory Published Sep 2024

The Ramsey steady-state conundrum in heterogeneous-agent economies

YiLi Chien · Yi Wen

This paper proves that the "interior" Ramsey steady state routinely assumed in heterogeneous-agent optimal-taxation models -- with a modified-golden-rule interest rate and a positive capital tax, as …

Heterogeneous Agent Macro Free Read ↗