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Optimal Taxation in Life-Cycle Economies
We use a very standard life-cycle growth model, in which individuals have a labor-leisure choice in each period of their lives, to prove that an optimizing government will almost always find it
Why Has Home Ownership Fallen Among the Young?
We document that home ownership of households with “heads\" aged 25-44 years fell substantially between 1980 and 2000 and recovered only partially during the 2001-2005 housing boom. The 1980-2000
Measuring Consumption Smoothing in CEX Data
This paper proposes and implements a new method of measuring the degree of consumption smoothing using data from the Consumer Expenditure Survey. The structure of this Survey is such that estimators
Uncertainty and the specificity of human capital
Life after Debt: Postgraduation Consequences of Federal Student Loans
We estimate the causal effect of student loans on post-graduation outcomes exploiting a kink in the formula determining the eligibility for need-based federal student loans. Using a nationally