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Deciphering the Fall and Rise in the Net Capital Share: Accumulation or Scarcity?
In the postwar era, developed economies have experienced two substantial trends in the net capital share of aggregate income: a rise during the last several decades, which is well known, and a fallExpand
The Intertemporal Keynesian Cross
We demonstrate the importance of intertemporal marginal propensities to consume (iMPCs) in disciplining general equilibrium models with heterogeneous agents and nominal rigidities. In a benchmarkExpand
Preference Functions that Score Rankings and Maximum Likelihood Estimation
Single Transferable Vote (STV), a commonly used PF, is studied, showing that it is a CRSF but not an SRSF, thereby clarifying the extent to which it is an MLE function, and giving a new perspective on how ties should be broken under STV. Expand
Inequality and Aggregate Demand
We explore the quantitative effects of transitory and persistent increases in income inequality on equilibrium interest rates and output. Our starting point is a Bewley-Huggett-Aiyagari modelExpand
A note on Piketty and diminishing returns to capital
Capital in the Twenty-First Century predicts a rise in capital’s share of income and the gap r g between capital returns and growth. In this note, I argue that neither outcome is likely givenExpand
Unique Equilibrium in the Eaton-Gersovitz Model of Sovereign Debt
A common view of sovereign debt markets is that they are prone to multiple equilibria. We prove that, to the contrary, Markov perfect equilibrium is unique in the widely studied model of Eaton andExpand
Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated Hank Model
We estimate a Heterogeneous-Agent New Keynesian model with sticky household expectations that matches existing microeconomic evidence on marginal propensities to consume and macroeconomic evidence onExpand
What Lower Bound? Monetary Policy with Negative Interest Rates∗
Policymakers and academics have long maintained that nominal interest rates face a zero lower bound (ZLB), which can only be breached through major institutional changes like the elimination orExpand
Distribution of potential intermediate hosts for Fasciola hepatica and Fascioloides magna in Montana, USA.
A collection of lymnaeid snails in Montana was made over a 3 year period, in conjunction with a state-wide survey of the distribution of liver flukes, finding the two snail species most widely distributed over the areas enzootic for the flukes. Expand
Investment Hangover and the Great Recession
We present a model of investment hangover motivated by the Great Recession. Overbuilding of durable capital such as housing requires a reallocation of productive resources to other sectors, which isExpand