Using new household-level data, we study the secular increase in U.S. household debt and its distribution since 1950 …

This paper considers the long-run distribution of capital holdings in a model with complete asset markets and … capable of producing a nondegenerate determinate wealth distribution. However, it also predicts that capital and labor income …

time, growth paths display cyclical patterns even in the absence of any shocks. Particularly interesting equilibrium …

Growth. Quarterly Journal of Economics 118(2), 709-744]. Contrary to previous applications of these types of models, I find … that generically the distribution of idiosyncratic shocks affects the risk premia of aggregate shocks and that the …

realistic firm-size distribution. As entrepreneurial firms can grow only slowly and rely heavily on retained earnings to expand …

persistent growth in asset demand. We show theoretically that dynamic interactions between elastic credit supply (due to …

Periods of economic boom with rapid credit and GDP growth can be followed by sudden busts. In the presence of financial … markets imperfections, a simple modification of a neoclassical growth model can fully account for this behavior. I study a … growth model for a small open economy where decreasing marginal returns to capital appear after the country has reached a …

This paper examines a model in which growth takes place through investment-specific technological change, which in turn … the growth rate can depend on the degree of substitability between research spending and new capital construction …. Research subsidies tend to have a larger impact on the growth rate than would an investment tax credit of the same magnitude …