Aadesh Gupta
David Wengrow
Damian Phelan
Amanda Dahlstrand
Andrea Guariso
Erika Deserranno
Lukas Hensel
Stefano Caria
Vrinda Mittal
Ararat Gocmen
Clara Martínez-Toledano
Yves Steinebach
Breno Sampaio
Joana Naritomi
Diogo Britto
François Gerard
Filippo Pallotti
Heather Sarsons
Kristóf Madarász
Anna Becker
Lucas Conwell
Michela Carlana
Katja Seim
Joao Granja
Jason Sockin
Todd Schoellman
Paolo Martellini
UCL Policy Lab
Natalia Ramondo
Javier Cravino
Vanessa Alviarez
Hugo Reis
Pedro Carneiro
Raul Santaeulalia-Llopis
Diego Restuccia
Chaoran Chen
Brad J. Hershbein
Claudia Macaluso
Chen Yeh
Xuan Tam
Xin Tang
Marina M. Tavares
Adrian Peralta-Alva
Carlos Carillo-Tudela
Felix Koenig
Joze Sambt
Ronald Lee
James Sefton
David McCarthy
Bledi Taska
Carter Braxton
Alp Simsek
Plamen T. Nenov
Gabriel Chodorow-Reich
Virgiliu Midrigan
Corina Boar
Sauro Mocetti
Guglielmo Barone
Steven J. Davis
Nicholas Bloom
José María Barrero
Thomas Sampson
Adrien Matray
Natalie Bau
Darryl Koehler
Laurence J. Kotlikoff
Alan J. Auerbach
Irina Popova
Alexander Ludwig
Dirk Krueger
Nicola Fuchs-Schündeln
Taylor Jaworski
Walker Hanlon
Ludo Visschers
Henrik Kleven
Kristian Jakobsen
Katrine Marie Jakobsen
Alessandro Guarnieri
Tanguy van Ypersele
Fabien Petit
Cecilia García-Peñalosa
Yonatan Berman
Nina Weber
Julian Limberg
David Hope
Pedro Tremacoldi-Rossi
Tatiana Mocanu
Marco Ranaldi
Silvia Vannutelli
Raymond Fisman
John Voorheis
Reed Walker
Janet Currie
Roel Dom
Marcos Vera-Hernández
Emla Fitzsimons
José V. Rodríguez Mora
Tomasa Rodrigo
Álvaro Ortiz
Stephen Hansen

Wealth, finance and the macroeconomy

Find research here that takes a macroeconomic perspective on wealth accumulation and the drivers of inequality including the taxation of wealth, the role of automation in generating inequality, and the roles of housing and financial markets.

This project studies the growing importance of high-net-worth individuals (HNWI) in private capital markets. While the role of institutional investors in private markets has already been studied, little attention has been paid to the participation of HNWI in these markets.

We use detailed data on stock portfolios of Norwegian households to show that stock market wealth increases entrepreneurship activity. Our research design isolates idiosyncratic, quasi-random variation in stock market returns. An increase in stock market wealth increases the propensity to start a firm, with the response concentrated in households with moderate levels of financial wealth, for whom a 20 percent increase in stock wealth increases the likelihood to start a firm by about 20%, and in years when the aggregate stock market return in Norway is high. We develop a method to study the effect of wealth on firm outcomes that corrects for the bias introduced by selection into entrepreneurship. An increase in stock market wealth also has a causal effect on initial firm size and profitability. The pass-through from stock wealth into equity in the new firm is one-for-one, indicating that higher stock market wealth relaxes would-be entrepreneurs' financial constraints.

We study optimal capital income and wealth taxation in an economy that reproduces the importance of private businesses for output and inequality. If entrepreneurs are subject to collateral constraints, they face heterogeneous rates of return, which generate a meaningful distinction between capital income and wealth taxation. We find that taxing capital income is preferable to taxing wealth because the efficiency gains from wealth taxation are swamped by the redistributional benefits of taxing the profits of richer entrepreneurs. Consequently, the gains from taxing wealth are modest. This conclusion is robust to the planner's preference for redistribution and allowing for nonlinear taxes.

This paper investigates the effects of wealth taxes on wealth accumulation, combining administrative data on wealth data Denmark and a theoretical life-cycle model of wealth accumulation.

The number of international students in American universities more than doubled in the last decade. These students disproportionately attend colleges in small urban economies, where local housing markets largely depend on student demand. This study estimates the impact of international students on home prices, rents, and residential construction.

How does technological change affect wealth accumulation and inequality of total (i.e. labour and capital) income over time? This paper focuses on automation – a capital intensive form of technological change.

In the wake of the Global Financial Crises (GFC), the GDP of most countries failed to recover and catch up with its previous trend. This paper studies the cause of the boom that preceded the crisis and ask whether it was sustainable, or even desirable in the first place.

For entrepreneurs and small business owners, housing is an important source of collateral for business loans. This paper explores the implications of changes in house prices for this sort of borrowing and for firm-level outcomes.