Published papers

  1. Job levels and Wages with Christian Bayer (July 2025)
    Accepted at the Review of Economic Studies
    available as CEPR Discussion Paper No 18169, IZA Discussion Paper No. 16177, ECONtribute discussion paper No 235, SOEPpaper No.1190
    media mentioning of our work at Frankfurter Allgemeine Zeitung
  2. The Geography of Job Creation and Job Destruction with Iourii Manovskii and Xincheng Qiu (September 2025)
    Journal of Monetary Economics, Vol. 158, Article 103898, March 2026
    available as CEPR Discussion Paper No. 16645, IZA Discussion Paper No. 14791, NBER Working Paper No. 29399, OIGI working paper No. 085, RF Berlin working paper 96/25
    Find here our response to a recent critique of our work.
  3. Income and Wealth Inequality in the United States: An Update Including the 2022 Wave with José-Víctor Ríos-Rull (October 2025)
    Federal Reserve Bank of Minneapolis Quarterly Review, Vol. 45, No. 3, November 2025
    available as NBER Working Paper No. 33823, CEPR Discussion Paper No. 20267
    VoxEU column summarizing the paper
  4. The Distribution of Household Debt in the United States, 1950-2022 with Alina Bartscher, Moritz Schularick, and Ulrike Steins (January 2025)
    Review of Economic Dynamics, Vol. 57, Article 101288, July 2025
    Paper supersedes working paper Modigliani Meets Minsky: Inequality, Debt, and Financial Fragility in America, 1950-2016 (April 2020)
    earlier working paper available as CEPR Discussion Paper No. 14667, New York Fed Staff Report No.924, CESIfo Working Paper No 8273
  5. Unemployment insurance reforms and labor market dynamics with Benjamin Hartung and Philip Jung (May 2024)
    Review of Economic Studies, Vol. 93, Issue 1, pp. 517–555, January 2026
    available as CEPR Discussion Paper No. 13328 , IZA Discussion Paper No. 12001
    Media mentionings of our work at Frankfurter Allgemeine Zeitung, Die Zeit, Makronom, IZA Newsroom, Berliner Zeitung, General Anzeiger, Rheinische Post, Sueddeutsche Zeitung
    Radio interview on Deutschlandfunk "Laenderzeit"
    Ifo Schnelldienst with a non-academic summary (in German) of our work together with reform ideas
  6. What if? The economic effects for Germany of a stop of energy imports from Russia with Rüdiger Bachmann, David Baqaee, Christian Bayer, Andreas Löschel, Benjamin Moll, Andreas Peichl, Karen Pittel, and Moritz Schularick (May 2022)
    Economica, Vol. 91, Issue 364, pp. 1157–1200, October 2024
  7. Changes in the Distribution of Black and White Wealth Since the US Civil War with Ellora Derenoncourt, Chi Hyun Kim, and Moritz Schularick
    Journal of Economic Perspectives, vol. 37, no. 4, Fall 2023 (pp. 71-90)
  8. Wealth of two nations: The U.S. racial wealth gap, 1860-2020 with Ellora Derenoncourt, Chi Hyun Kim, and Moritz Schularick (June 2023)
    Quarterly Journal of Economics, Volume 139, Issue 2, May 2024, Pages 693–750
    available as NBER working paper No. 30101, CEPR Discussion Paper No. 17328, CESIfo Working Paper No. 9774
    summary at NBER Digest August 2022
  9. Coordinated Firm-Level Work Processes and Macroeconomic Resilience with Jinfeng Luo, Iourii Manovskii, and Xincheng Qiu (April 2023)
    Journal of Monetary Economics, Vol. 137, pp. 107–127, July 2023 (Carnegie-Rochester-NYU Conference Series, Fall 2022)
  10. Monetary policy and racial inequality with Alina Bartscher, Moritz Schularick, and Paul Wachtel (January 2021)
    available as CEPR Discussion Paper No. 15734, New York Fed Staff Reports No 959, ECONtribute discussion paper No 061
    Media mentionings of our work at the Wall Street Journal, Morning Star, Hill Reporter, Cato Brief in Economic Policy
    Brookings Papers on Economic Activity, Spring 2022: 1–47
  11. Wealth and Income Inequalityin America, 1949-2016 with Moritz Schularick and Ulrike I. Steins (December 2019)
    available as CESIfo Working Paper No. 6608, CEPR Discussion Paper No. 12218, or Opportunity & Inclusive Growth Institute working paper No. 9
    See also VoxEU column from August 2018
    Media mentionings of our work at New York Times Magazine, CNN, New York Times, The Economist, Harvard Business Review, ProMarket, Star Tribune, Star Tribune 2, Star Tribune 3, Bloomberg, Bloomberg 2, The Region, Quartz, Quartz 2, Spiegel Online (in German), Harvard Business Review 2, Bloomberg 3
    Journal of Political Economy, 128.9 (2020): 3469-3519.
  12. The College Wealth Divide: Education and Inequality in America, 1956-2016 with Alina Bartscher and Moritz Schularick (December 2018)
    available as CEPR Discussion Paper No. 13864, CESifo Working Paper No. 7726
    Find here the Economic Synopses essay on the paper.
    Federal Reserve Bank of St Louis Review, First Quarter 2020, Vol. 102, No. 1, pp. 19–49
  13. Earnings losses and labor mobility over the life cycle with Philip Jung (October 2017)
    available as CESifo Working Paper No. 6552, IZA Discussion Paper No. 6835 or as CEPR Discussion Paper 11572
    Journal of the European Economic Association, 17.3 (2019): 678-724.
  14. Insurance in Human Capital Models with Limited Enforcement with Tom Krebs and Mark Wright (November 2016)
    available as IZA Discussion Paper No. 9948 or as CEPR Discussion Paper No. 11612
    Review of Economic Dynamics, Vol. 25, 2017, p.121-150
  15. 2013 Update on the U.S. Earnings, Income, and Wealth Distributional Facts: A View from Macroeconomic Modelers with José-Víctor Ríos-Rull (April 2015)
    All results from the paper can be found on this data page.
    Federal Reserve Bank of Minneapolis Quarterly Review, April 2016, Vol. 37 No. 1 (link)
    Slides from presentation at the Royal Economic Society Meeting 2016 in the session on "Earnings, Consumption and Wealth"
  16. Human Capital Risk, Contract Enforcement, and the Macroeconomy with Tom Krebs and Mark Wright
    available as NBER Working Paper No. 17714 (December 2011), available as IZA Discussion Paper No. 9228 (July 2015)
    here an discussion on the paper on the NEP-DGE Blog
    American Economic Review, Vol. 105, No. 11, p. 3223 - 72 (November 2015, lead article)
  17. Optimal taxation in a habit formation economy with Sebastian Koehne
    online appendix
    Journal of Public Economics, Vol. 122, p. 31-39, February 2015
  18. Should unemployment insurance be asset-tested? with Sebastian Koehne
    available as IZA Discussion Paper No. 7488
    Review of Economic Dynamics, Vol. 18, Issue 3, pp. 575–592, July 2015
  19. Labor market institutions and worker flows: Comparing Germany and the U.S. with Philip Jung
    paper has been previously circulated under the title "Labor Market Rigidity and Business Cycle Volatility"
    Labor Market Rigidity and Business Cycle Volatility working paper with additional results (January 2011)
    Download monthly worker transition rates for West Germany 1980 - 2004 (see paper for details)
    The Economic Journal, Vol. 124, Issue 581, p. 1317-1342, December 2014
    column on VoxEU (February 2015)
  20. Recursive equilibria in an Aiyagari style economy with permanent income shocks
    International Economic Review, Vol. 54, Issue 3, pp. 807–835, August 2013

Policy papers

  1. Breite Zustimmung zum Sozialstaat – Leistung soll sich aber lohnen (in German, October 2025)
    IAB Forum
    Media coverage ZDF heute (online), ZDF heute (TV, starting 2:09), Sueddeutsche Zeitung, BILD Zeitung, Frankfurter Allgemeine Zeitung, N-TV, Staatsanzeiger Baden-Württemberg
  2. Vermögensungleichheit in Deutschland (in German, February 2020)
    Ifo Schnelldienst, Vol. 73, Issue 2/2020
  3. Die Reform der Arbeitslosenversicherung with Philip Jung (in German, September 2019)
    Perspektiven der Wirtschaftspolitik, Vol. 20, Issue 2, pp. 115–132
  4. Die Arbeitslosen­versicherung: Ein Blick zurück und nach vorne (in German, March 2019)
    Ifo Schnelldienst, Vol. 72, Issue 6/2019