Work in Progress

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.

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.

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.