This article investigates whether capital or labor income drives overall relative income mobility. To this aim, we use Norwegian income registers covering 293,875 individuals over 26 years. A new framework decomposes total income mobility into capital and labor components across the life cycle....

"The invention of America saw capital and race unite irrevocably. Laurent tells the story of racial capitalism as a "two-headed creature" forged by figures such as Voltaire, Adam Smith and others. At the same time, this system has been identified and resisted by a long line of anti-colonial...

We propose a framework for studying financial and macroeconomic dynamics in an environment where liquid assets have a productive use but their supply is limited (i.e., the economy is starved for liquidity). The private demand for financial assets arises from the need to hold them for production....

Do elected officials exploit informational advantages for personal financial gain? This question has attracted heightened attention amid increased scrutiny of congressional stock trading, particularly following the COVID-19 pandemic. Prior research finds little evidence that legislators...

Part I. Continuous-Time Circular Flow Models -- Chapter 1. Introduction: Standard Growth Models -- Chapter 2. The Circular Flow Model Without State -- Chapter 3. The Circular Flow Model with Constant Parameters -- Chapter 4. Lorenz Curves and Gini Coefficients -- Part II. Discrete-Time Circular...