Published Papers
Consumption and risk sharing over the life cycle (with Christopher I. Telmer and Amir Yaron), Journal of Monetary Economics (2005)
A striking feature of U.S. data on income and consumption is that inequality increases with...
The dynamics of government (with John Hassler, Per Krusell, and Fabrizio Zilibotti), Journal of Monetary Economics (2005)
We model income redistribution with dynamic distortions as determined by rational voting without commitment among...
Two Views of Inequality over the Life-Cycle (with Jonathan H. Heathcote and Giovanni L. Violante), Journal of the European Economic Association (2005)
Data on the life-cycle profiles of inequality in wages, earnings, hours worked and consumption contains...
A positive theory of geographic mobility and social insurance (with John Hassler, José V. Rodríguez Mora, and Fabrizio Zilibotti), International Economic Review (2005)
This article presents a tractable dynamic general equilibrium model explaining cross-country data on geographical mobility,...
Cyclical Dynamics in Idiosyncratic Labor-Market Risk (with Chris I. Telmer and Amir Yaron), Journal of Political Economy (2004)
Is individual labor income more risky in recessions? This is a difficult question to answer...
Fiscal Implications of Immigration - A Net Present Value Calculation, The Scandianavian Journal of Economics (2003)
Focusing on the net fiscal effects, the gain from admitting immigrants is computed for a...
The Survival of the Welfare State (with John Hassler, José V. Rodríguez Mora, and Fabrizio Zilibotti), American Economic Review (2003)
This paper provides an analytical characterization of Markov perfect equilibria in a model with repeated...
The Welfare Costs of Business Cycles Revisited: Finite Lives and Cyclical Variation in Idiosyncratic Risk (with Chris I. Telmer and Amir Yaron), European Economic Review (2001)
This paper investigates the welfare costs of business cycles in a heterogeneous agent, overlapping generations...
Sustaining Fiscal Policy Through Immigration, Journal of Political Economy (2000)
Using a calibrated general equilibrium overlapping generations model, which explicitly accounts for differences between immigrants...
Submitted Papers
Democratic public good provision (with John Hassler and Fabrizio Zilibotti), Journal of Economic Theory (2007)
This paper analyzes an overlapping generation model of redistribution and public good provision under repeated...
Insurance and Opportunities: The Welfare Implications of Rising Wage Dispersion (with Jonathan H. Heathcote and Giovanni L. Violante), Jonathan H Heathcote (2006)
This paper provides an analytical characterization of the welfare effects of changes in cross-sectional wage...
The Macroeconomic Implications of Rising Wage Inequality in the United States (with Jonathan H. Heathcote and Giovanni L. Violante), Jonathan H Heathcote (2004)
This paper explores the macroeconomic and welfare implications of the dramatic recent rise in wage...
Work in Progress
Asset Pricing with Idiosyncratic Risk and Overlapping Generations (with Christopher I. Telmer and Amir Yaron) (2007)
What is the effect of non-tradeable idiosyncratic risk on asset-market risk premiums? Constantinides and Duffie...
Consumption and Labor Supply with Partial Insurance: An Analytical Framework (with Jonathan H. Heathcote and Giovanni L. Violante), Jonathan H Heathcote (2007)
This paper develops an analytical framework to study consumption and labor supply in a rich...