Jonathan Heathcote's Research Page

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WORKING PAPERS

Fiscal Progressivity of the U.S. Federal and State Governments (new)

with Johannes Fleck (Federal Reserve Board), Kjetil Storesletten (Minnesota) and Gianluca Violante (Princeton)

January 2025 (first version January 2025) PAPER SLIDES

Reconciling Macroeconomics and Finance for the U.S. Corporate Sector: 1929 - Present (new version)

with Andrew Atkeson (UCLA) and Fabrizio Perri (Minneapolis Fed)

February 2025 (first version June 2024) PAPER

There Is No Excess Volatility Puzzle (updated)

with Andrew Atkeson (UCLA) and Fabrizio Perri (Minneapolis Fed)

August 2024 (first version May 2024) PAPER

Economist Article

The Great Resignation and Optimal Unemployment Insurance (new version coming soon)

with Zhifeng Cai (Rutgers)

September 2023 (first version March 2023) PAPER SLIDES

Practical Optimal Income Taxation (new version)

with Hitoshi Tsujiyama (Surrey)

January 2025 (first version June 2021) PAPER

PUBLICATIONS

The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States

with Andrew Atkeson and Fabrizio Perri

American Economic Review forthcoming

May 2024 (first version May 2021) PAPER APPENDIX SLIDES

More Unequal We Stand? Inequality Dynamics in the United States 1967--2021

with Fabrizio Perri (Minneapolis Fed), Gianluca Violante (Princeton), and Lichen Zhang (University of Hong Kong)

Review of Economic Dynamics 2023, 50, p.235-266

PAPER SLIDES

Health versus Wealth: On the Distributional Effects of Controlling a Pandemic

with Andrew Glover, Dirk Krueger, and Jose-Victor Rios-Rull

Journal of Monetary Economics 2023, 140, p.34-59

PAPER SLIDES

NYT article Reuters Bloomberg VoxEU

Optimal Age-Based Vaccination and Economic Mitigation Policies for the Second Phase of the Covid-19 Pandemic

with Andrew Glover and Dirk Krueger

Journal of Economic Dynamics and Control July 2022, 140

PAPER

College Tuition and Income Inequality

with Zhifeng Cai (Rutgers)
American Economic Review January 2022, 112/1, p.81-121
PAPER SLIDES APPENDIX

Optimal Income Taxation: Mirrlees Meets Ramsey

with Hitoshi Tsujiyama (Surrey)

Journal of Political Economy November 2021, 129/11, p.3141-3184

PAPER SLIDES

How Should Tax Progressivity Respond to Rising Income Inequality?

with Kjetil Storesletten (Minnesota) and Gianluca Violante

Journal of the European Economic Association December 2020, 18/6 p.2715-2754

PAPER

The Rise of US Earnings Inequality: Does the Cycle Drive the Trend?

with Fabrizio Perri and Gianluca Violante

Review of Economic Dynamics August 2020, 37/1 p.181-204

PAPER SLIDES

WSJ article

Intergenerational Redistribution in the Great Recession

with Andrew Glover (FRB Kansas City), Dirk Krueger (Penn), and Jose-Victor Rios-Rull (Penn)

Journal of Political Economy October 2020, 128/10, p.3730-3778
PAPER SLIDES

Optimal Progressivity with Age-Dependent Taxation

with Kjetil Storesletten and Gianluca Violante

Journal of Public Economics September 2020, 189.

PAPER SLIDES

Wealth and Volatility

with Fabrizio Perri
Review of Economic Studies October 2018, 85/4, p.2139-2172.
PAPER ABSTRACT SLIDES

Optimal Tax Progressivity: An Analytical Framework

with Kjetil Storesletten and Gianluca Violante

Quarterly Journal of Economics November 2017, 132/4, p.1693-1754.
PAPER ABSTRACT SLIDES

Originally titled Redistributive Taxation in a Partial-Insurance Economy

The Macroeconomics of the Quiet Revolution: Understanding the Implications of the Rise in Women’s Participation for Economic Growth and Inequality

with Kjetil Storesletten and Gianluca Violante

Research in Economics September 2017, 71/3, p.521-539.

PAPER

On the Desirability of Capital Controls

with Fabrizio Perri

IMF Economic Review May 2016, 64/1, p.75-102.
PAPER ABSTRACT SLIDES

Assessing International Efficiency

with Fabrizio Perri

Handbook of International Economics Vol. 4 Chapter 9, p. 523-584
PAPER ABSTRACT

Consumption and Labor Supply with Partial Insurance: An Analytical Framework

with Kjetil Storesletten and Gianluca Violante
American Economic Review July 2014, 104/7, p. 2075-2126
PAPER ABSTRACT Technical APPENDIX
This material is based upon work supported by the National Science Foundation under Grant No. 0418060.

The International Diversification Puzzle is Not as Bad as You Think

with Fabrizio Perri

Journal of Political Economy December 2013, 121/6, p. 1108-1159

PAPER ABSTRACT

From Wages to Welfare: Decomposing Gains and Losses from Rising Inequality

with Kjetil Storesletten and Gianluca Violante
Advances in Economics and Econometrics: Theory and Applications 2013, Tenth World Congress, Econometric Society Vol. 2, pp 235-282

PAPER ABSTRACT SLIDES

The Macroeconomic Implications of Rising Wage Inequality in the United States

with Kjetil Storesletten and Gianluca Violante
Journal of Political Economy August 2010, 118/4, p. 681-722

PAPER ABSTRACT

older longer version as CEPR Working Paper Long Version

This material is based upon work supported by the National Science Foundation under Grant No. 0418060.

Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States, 1967-2006

with Fabrizio Perri and Gianluca Violante
Review of Economic Dynamics January 2010, 13/1, p. 15-51

PAPER ABSTRACT

This material is based upon work supported by the National Science Foundation under Grant No. 0418060.

Dollarization and Financial Integration

with Cristina Arellano (FRB Minneapolis)

Journal of Economic Theory May 2010, 145/3, p. 944-973

PAPER ABSTRACT

also available as CEPR Discussion Paper 6116 and FRB Minneapolis Staff Report 385

Quantitative Macroeconomics with Heterogeneous Households

with Kjetil Storesletten and Gianluca Violante

Annual Review of Economics 2009, 1, p. 319-354

PAPER ABSTRACT

This material is based upon work supported by the National Science Foundation under Grant No. 0418060.

Discussion of “Heterogeneous life-cycle profiles, income risk and consumption inequality” by Giorgio Primiceri and Thijs van Rens

Journal of Monetary Economics January 2009, 56/1, p. 40-42

Carnegie-Rochester Discussion

Insurance and Opportunities: The Welfare Implications of Rising Wage Dispersion

with Kjetil Storesletten and Gianluca Violante

Journal of Monetary Economics April 2008, 55/3, p. 501-525

PAPER ABSTRACT LONG VERSION

This material is based upon work supported by the National Science Foundation under Grant No. 0418060.

The Price and Quantity of Residential Land in the United States

with Morris Davis (Rutgers)

Journal of Monetary Economics November 2007, 54/8, p. 2595-2620

PAPER Data Appendix ABSTRACT

Older version as Federal Reserve Board Finance and Economics Discussion Series, 2004-37

article discussed by Associated Press, Reuters, Bloomberg News, and in many media outlets including Wall Street Journal, USA Today, MSNBC, ABC News, Forbes

This material is based upon work supported by the National Science Foundation under Grant No. 0301119.

Housing and the Business Cycle

with Morris Davis

International Economic Review August 2005, 46/3, p. 751-784

PAPER Data Data Appendix ABSTRACT

This material is based upon work supported by the National Science Foundation under Grant No. 0301119.

Two Views of Inequality Over the Life-Cycle

with Kjetil Storesletten and Gianluca Violante
Journal of the European Economic Association April-May 2005, 3/2-3, p. 765-775

PAPER ABSTRACT

This material is based upon work supported by the National Science Foundation under Grant No. 0418060.

Fiscal Policy with Heterogeneous Agents and Incomplete Markets

Review of Economic Studies January 2005, 72, p. 161-188

PAPER technical appendix ABSTRACT

older version of paper August 1999 Fiscal Policy (old) PAPER ABSTRACT

Financial Globalization and Real Regionalization

with Fabrizio Perri

Journal of Economic Theory November 2004, 119/1, p. 207-243

PAPER ABSTRACT

On the Distributional Effects of Reducing Capital Taxes (previously: Factor Taxation with Heterogeneous Agents)

with David Domeij (Stockholm School of Economics)

International Economic Review May 2004, 45/2, p. 523-554
PAPER ABSTRACT

Why Has the US Economy become Less Correlated with the Rest of the World?

with Fabrizio Perri

American Economic Review Papers and Proceedings May 2003, 93/2, p. 63-69

PAPER ABSTRACT

Financial Autarky and International Real Business Cycles

with Fabrizio Perri

Journal of Monetary Economics April 2002, 49/3, p. 601-627

PAPER ABSTRACT

OLDER PAPERS

Home Production and Retirement

posted version May 2002: first version May 2002 Home Production and Retirement PAPER
This material is based upon work supported by the National Science Foundation under Grant No. 0301119.

Interest Rates in a General Equilibrium Baumol-Tobin Model

posted version June 1998: first version July 1996 Baumol Tobin PAPER ABSTRACT

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