In this paper we use the functional vector autoregression (VAR) framework of Chang, Chen, and Schorfheide (2024) to study the effects of monetary policy shocks (conventional and informational) on the cross-sectional distribution of U.S. earnings (from the Current Population Survey), consumption,...

There is tremendous disparity in the levels of individuals’ incomes across countries. However, this disparity in per capita income has not always existed. In “The Evolution of the World Income Distribution,” Keith Sill investigates some facts about the evolution of per capita income across...