Supersedes Working Paper 09-7. We estimate a structural model of optimal life-cycle housing and nonhousing consumption in the presence of labor income and house price uncertainties. The model postulates constant elasticity of substitution between housing service and nonhousing consumption and...

We estimate a structural model of optimal life-cycle housing and nonhousing consumption in the presence of labor income and house price uncertainties. The model postulates constant elasticity of substitution between housing service and nonhousing consumption and explicitly incorporates a housing...

We document large differences between the United States and France in allocations of consumption expenditures and time by age. Using a life-cycle model, we quantify to what extent tax and transfer programs and market and home productivity can account for the differences. We find that while labor...

While "'Tis impossible to be sure of any thing but Death and Taxes" (Bullock, 1716), the structure of taxes and their burden has undergone large and frequent changes over time. We provide a brief history of the U.S. federal income tax reforms since the 1960s, we calculate effective federal...

Wages, labor market participation, hours worked, and savings differ by gender and marital status. In addition, women and married people make up for a large fraction of the population and of labor market participants, total hours worked, and total earnings. For the most part, macroeconomists have...

Wages, labor market participation, hours worked, and savings differ by gender and marital status. In addition, women and married people make up for a large fraction of the population and of labor market participants, total hours worked, and total earnings. For the most part, macroeconomists have...