This paper examines how labor income volatility and social security benefits can influence lifecycle household … annuities, and stocks as well as bonds. Higher labor income uncertainty and lower old-age benefits boost demand for stable … income in retirement, but also when young. In addition, a declining equity glide path with age is appropriate for the worker …

developing and persistent gaps in child achievement by family income and the importance of adolescent skill levels for … family income, we study four leading mechanisms thought to explain these gaps: an intergenerational correlation in ability, a … important stylized facts related to the marginal returns on investments and the effects of parental income on child investments …

dynamic model of consumption and labor supply. We emphasize two key results. First, a psychology-based theory of poverty traps … of financial stress. On the other hand, naifs dis-save, fall into a poverty trap, and incur high welfare losses. Second …

This paper presents stochastic simulation results pertaining to the performance of nominal income targeting, here … existing studies of nominal income growth from a specified target rate. It attempts to improve on existing studies by …. The results suggest that nominal income targeting deserves serious consideration as a monetary policy strategy …

under the assumption that parental income is the main source of heterogeneity. We explicitly model the variability and …

This paper presents new information on the fraction of adjusted gross income, and of wages and salaries, that is … reported by taxpayers in the top one half of one percent of the income distribution. This corresponds to roughly five hundred … thousand households in the late 1990s. This paper relies on data from the Treasury's Individual Income Tax Model for the period …

instrumental variables estimates of the sensitivity of income to changes in tax rates. From 1979 to 1981, the US income tax … changes in income between taxpayers close to the top-end of a tax bracket to the other taxpayers. These estimates, based on … comparisons between very similar groups, are robust to underlying changes in the income distribution, such as a rise in inequality …

of Income Dynamics. The results show large and persistent effects of displacement on average, with earnings and wages …