“...We present an overlapping generations economy, populated by heterogeneous agents who care about both consumption relative to others and the bequest they leave...”

“...There is growing interest in multisector models that combine aggregate balanced growth, consistent with the well known Kaldor facts, with systematic changes in...”

“...We present a simple model of capital accumulation where agents care about their consumption relative to the consumption of other members of society, `envy,' In...”

“...This paper exploits a natural experiment, the large destruction of capital in continental Europe during World War II, to characterize the transitional dynamics...”

“...Despite its theoretical dominance, the empirical case in favor of the permanent income hypothesis is weak. Contrary to one of its basic implications, a growing...”

“...Our objective is to investigate how alternative assumptions about preferences affect the process of economic growth. To do this, we analyze a neoclassical...”

“...Income per capita in some Western European countries more than tripled in the two and a half decades that followed World War II. The literature has identified...”

“...Recent work has documented declines in the labor income share in the United States and beyond. This paper documents that this decline was more pronounced in...”