How does wealth taxation differ from capital income taxation? When the return on investment is equal across individuals, a well-known result is that the two tax systems are equivalent. Motivated by recent empirical evidence documenting persistent return heterogeneity, we revisit this question....

In this paper we construct a stochastic overlapping-generations general equilibrium model in which households are subject to aggregate shocks that affect both wages and asset prices. We use a calibrated version of the model to quantify how the welfare costs of severe recessions are distributed...

A lockdown policy that mitigates the effects of COVID-19 for both older and younger people would be less extensive than in April but remain in place through the summer. To slow the spread of COVID-19, many countries are shutting down nonessential sectors of the economy. Older individuals have...