Monetary Shocks and Labor Income Risk with a Billion Observations
We show that monetary policy shocks reduce the skewness of earnings growth—not by increasing wage cuts, but by making positive earnings changes less likely—with effects concentrated among high earners.
Dec 1, 2025
Taxing the Rich? A Theory of Income and Wealth Inequality
We show that wealth taxes distort entrepreneurial effort and depress output, and that increasing income tax progressivity achieves similar redistribution at a much lower aggregate cost.
Jan 1, 2025