Markup Accounting
We show that markup dispersion is concentrated among similarly-sized firms and develop an oligopolistic model with demand elasticity shifters that accounts for the full joint distribution of markups and firm size.
Feb 26, 2026
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
On the Identification of Models of Uncertainty, Learning, and Human Capital Acquisition with Sorting
We prove identification of labor market models with human capital acquisition, learning, and sorting, and show that differences in learning opportunities help explain low measured sorting despite high firm-worker complementarity.
Dec 1, 2024