This paper asks why small firms hold large quantities of liquid assets — cash and cash equivalents that earn low or negative real returns — even when external credit is available. The conventional …
Governments across ten-plus countries — including Australia, the United States, Germany, and New Zealand — have introduced matching schemes to encourage low- and middle-income earners to contribute …
This paper examines how workplace environments shape the economic consequences that fall on mothers — but not fathers — when a child is diagnosed with cancer. The motivation is a gap in the …
This paper investigates how the illiquidity of entrepreneurial capital shapes investment dynamics and wealth inequality. The central question is whether entrepreneurship drives wealth heterogeneity or …
PublishedReview of Economic DynamicsPublished Aug 2026
Guner, Rauh, and Ventura document the scope, generosity, distributional impact, and time evolution of means-tested transfers to working-age US households, and provide parametric estimates of transfer …
PublishedReview of Economic DynamicsPublished Aug 2026
This paper develops a quantitative general equilibrium model of the U.S. housing finance system that jointly determines mortgage credit and mortgage-backed security (MBS) issuance, with the aim of …
PublishedReview of Economic DynamicsPublished Jan 2026
U.S. outstanding student debt rose roughly 20-fold, from about $50 billion in 1985 to nearly $1 trillion in 2014 (about 7% of GDP), making it the second-largest form of household debt after mortgages.
PublishedReview of Economic DynamicsPublished Aug 2026
Wealth in the US is far more concentrated than income, even among the bottom 99%. In 2013, the next-49% (above the bottom 50%) earned 4.7 times the income of the bottom 50% but held 6.5 times the net …
Online FirstJournal of Money, Credit and BankingOnline 5 Jun 2025
The paper asks whether population aging flattens the Phillips curve through a previously unexplored channel — age-related differences in the elasticity of substitution across product varieties. …
PublishedReview of Economic DynamicsPublished Jan 2026
Folch and Mazzone ask how undergraduate student debt shapes three intertwined post-college decisions — whether to pursue a post-bachelor (graduate) degree, the trajectory of earnings, and whether/when …
Online FirstJournal of Money, Credit and BankingOnline 22 Jul 2025
Research question and motivation: The paper asks whether and why the type of employment — specifically public-sector employment — affects household saving rates in China. This matters because Chinese …
Online FirstJournal of Money, Credit and BankingOnline 23 Oct 2025
How much to save is a central household financial decision, and uncertainty drives the "precautionary saving motive." The precautionary-saving literature has mostly studied one-dimensional …
Online FirstJournal of Money, Credit and BankingOnline 15 Nov 2024
Research question and motivation: Under U.S. Chapter 7 bankruptcy, an individual entrepreneur has most unsecured debt discharged and only her non-exempt assets liquidated, producing an "insurance …
PublishedJournal of Monetary EconomicsPublished Nov 2024
This paper measures the heterogeneous first-order welfare effects of the 2021-2023 inflation surge across households in the four largest euro area countries (Germany, France, Italy, Spain). …
Online FirstQuarterly Journal of EconomicsOnline 18 Jun 2026
Linking the monthly Danish Consumer Expectations Survey to the Danish administrative registry, this paper shows that households' inflation forecasts move strongly and negatively with their own recent …
PublishedJournal of Monetary EconomicsPublished Jul 2025
Households are exposed to different rates of inflation because they buy different things, and using anonymised quarterly bank-account records for 89,507 individuals at one of Estonia's leading …
PublishedClassicQuarterly Journal of EconomicsPublished Feb 2002
Using a panel of about 24,000 individual bankcard accounts from several large U.S. card issuers (January 1995-January 1998), Gross and Souleles test whether consumer debt responds to changes in credit …
Online FirstReview of Economic StudiesOnline 6 Aug 2026
Using Norwegian administrative registries that record wealth and capital income for the whole population, and for each spouse before they marry, this paper documents that people sort at marriage not …
PublishedQuarterly Journal of EconomicsOnline 10 Sep 2024Published Jan 2025
Maxted, Laibson, and Moll study fiscal and monetary policy in a partial-equilibrium heterogeneous-agent model in which homeowners have present-biased time preferences (Instantaneous Gratification …
PublishedClassicBrookings Papers on Economic ActivityPublished Jan 1998
This paper builds the first calibrated life-cycle simulation model of "hyperbolic" consumers -- whose discount rates decline with horizon, setting up a conflict between a patient long-run self and an …
PublishedClassicJournal of Economic PerspectivesPublished Aug 2001
This 2001 Journal of Economic Perspectives paper by George-Marios Angeletos, David Laibson, Andrea Repetto, Jeremy Tobacman, and Stephen Weinberg -- sourced here from the authors' own underlying 2000 …