Tag Archives: Emmanuel Saez

The Macroeconomics of Piketty

From Chad Jones: Since the early 2000s, research by Thomas Piketty, Emmanuel Saez, and their coathors has revolutionized our understanding of income and wealth in- equality. In this paper, I highlight some of the key empirical facts from this re- … Continue reading

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Optimal Income Transfer Programs: Intensive versus Extensive Labor Supply Responses

From Emmanuel Saez: This paper analyzes optimal income transfers for low incomes. Labor supply responses are modeled along the intensive margin (intensity of work on the job) and along the extensive margin (participation into the labor force). When behavioral responses … Continue reading

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The Distribution of US Wealth, Capital Income, and Returns since 1913

From Paul Krugman: Emmanuel Saez and Gabriel Zucman have been developing an alternative procedure for estimating top wealth shares — preliminary slides here — and it tells a very different story from the common one. According to their estimates, the wealth … Continue reading

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Wealth Inequality since 1810

Via Emmanuel Saez’s lecture notes on capital income taxation  

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Where is the Land of Opportunity? The Geography of Intergenerational Mobility in the United States

From Raj Chetty, Nathan Hendren, Pat Kline, and Emmanuel Saez: We use administrative records on the incomes of more than 40 million children and their parents to describe three features of intergenerational mobility in the United States. First, we characterize … Continue reading

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Rethinking capital and wealth taxation

From Thomas Piketty and Emmanuel Saez: This paper reviews recent developments in the theory of optimal capital taxation. We emphasize three main rationales for capital taxation. First, the frontier between capital and labor income flows is often fuzzy, thereby lending … Continue reading

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An Economical Business-Cycle Model

From Pascal Michaillat and Emmanuel Saez: We construct a microfounded, dynamic version of the IS-LM-Phillips curve model by adding two elements to the money-in-the-utility-function model of Sidrauski [1967]. First, real wealth enters the utility function. The resulting Euler equation describes consumption as … Continue reading

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