Working Papers

Extreme Poverty in Wealthy Nations: Evidence from France New!

with C. Bruneel Zupanc, C. Hellwig, P. Wangner, N. Werquin - May 2026

Consumption, Wealth, and Income Inequality: A Tale of Tails

Inequality Explorer

with C. Hellwig, P. Wangner, and N. Werquin — August 2024

R&R — Quarterly Journal of Economics

Inequality, Business Cycles, and Growth: A Unified Theory of Fiscal Stabilization Policies New!

SSRN Old WP Appendix

with P. Wangner — May 2026

The Savings Wedges New preliminary version!

with W. Morrison and P. Wangner - March 2026

Unemployment Insurance Generosity and Self-Employment

SSRN Appendix

with S. Kankanamge — February 2026

Wealth, Returns, and Taxation: A Tale of Two Dependencies

Appendix

with P. Wangner — November 2023

Published & Accepted

Trade, Value Added, and Productivity Linkages: A Quantitative Analysis

Journal Appendix

with F. de Soyres — American Economic Journal: Macroeconomics, January 2026

From Unemployment to Self-Employment: An Evaluation of the SEA Programs

Journal WP Appendix

with S. Kankanamge — Journal of Labor Economics, January 2026

Supply Disruptions and Fiscal Stimulus: Transmission through Global Value Chains

with F. De Soyres, A. M. Santacreu, D. Moore — AEA Papers and Proceedings, May 2024

Global Trade and GDP Comovement

with F. de Soyres — Journal of Economic Dynamics and Control, May 2022

Work in Progress

Universal Basic Capital with a Social Wealth Fund

with T. Lee

Wealth Dynamics and Serial Business Ownership

with S. Kankanamge, O. Karabulut

Older Working Papers

Buying and Selling Business Assets

with S. Kankanamge — June 2020

Brown University

PhD

Advanced Macroeconomics 1st year PhD · Spring 2026

Dynamic optimization — Hamiltonian, Lagrangian, growth model
Dynamic programming — Bellman equation, HJB equation
Complete markets and their rejection in micro data
Incomplete markets — Yaari–Blanchard, Aiyagari model
Heterogeneous-agent models — misallocation, Krusell–Smith
Unemployment and job search in frictional labor markets

Topics in Macroeconomics 2nd year PhD · Spring 2026

Complete and Incomplete markets — Yaari–Blanchard, Aiyagari model
Heterogeneous-agent models with Aggregate Shocks
Recent technics in Macro: From continuous time to Discrete Choice problems

Undergraduate

Intermediate Macroeconomics Spring 2024, 2025, 2026

Toulouse School of Economics

PhD

Quantitative Macroeconomics 2nd year PhD · Fall 2024, 2025

Modern quantitative techniques — discretization, Young method
Dynamic programming and endogenous grid method (EGM)
Aiyagari model and extensions — labor supply, heterogeneous returns
Firm dynamics models and misallocation

Inequality Explorer

GHWW · PSID Panel · United States

Initialising…

Latest Gini

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Top 10% share

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Top 1% share

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Pareto α (P90)

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Select a variable

Metric over time · all adjustment versions

Load data to begin

Percentile Profile

P10 · P25 · P50 · P75 · P90 · P99 — latest year

Pareto Tail (Hill α)

Estimated above P90 — all versions

Percentile Ladder

P10 · P25 · P50 · P75 · P90 · P99 over time

Pareto α over time

Hill estimator above P90 · lower α = heavier tail · all adjustment versions

P90/P50 & P90/P10

Percentile ratios over time

Gini & Top Shares

Gini (left axis) · top 10% & top 1% shares (right axis)

Mean & Median over time

Real 2023$ · solid = mean · dashed = median

X axis (sorting variable)

vs

Y axis

Scale:

Levels

Log

Stat:

Mean

Median

Fit:

Linear

Smooth

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Thin lines = individual years · dark red = pooled average · dashed blue = fit · dashed grey = 45° line

Cross-variable Summary

All variables · latest year · first selected adjustment · click row to explore

Variable	Mean	Median	Gini	Top 10%	Top 1%	Pareto α	P90/P50	P90/P10

Variable Codebook

Definitions of all variables used in the dashboard — derived from PSID microdata

Data: Panel Study of Income Dynamics (PSID), biennial waves 2005–2023. The PSID microdata have been cleaned and adjusted for misrepresentation and misreporting using: (i) adjustments to National Income and Product Accounts (NIPA) aggregates; (ii) reweighting to match the wealth distribution of the Survey of Consumer Finances (SCF); and (iii) reweighting to match the income distribution of IRS Statistics of Income records.

Reference: Gaillard, A., Wangner, P., Hellwig, C. & Werquin, N. (2023). "Consumption, wealth, and income inequality: A tale of tails." SSRN Working Paper 4636704.

Interface: This visualisation was built by Claude (Anthropic). At no point did the AI have access to household-level microdata — only the pre-computed aggregate statistics displayed here were provided as input. All data processing, cleaning, and estimation were performed entirely by the authors in R.

New Keynesian Model — From RANK to HANK

ECON2890C · Topics in Macro and Monetary Economics · Alexandre Gaillard, Brown University · Spring 2026

Monetary policy shock shared

e — shifts LM (IS-LM tab) and PE intercept (Keynesian cross tab)

+3 tight+2+10−1−2−3 easy

0.00

Model parameters

σ — EIS1.0

β — discount factor0.99

ρ — shock persistence0.00

TANK heterogeneity

λ — hand-to-mouth share0.00

χ — HtM income cyclicality1.0

χ has bite only when λ > 0. Set λ first, then vary χ: χ > 1 amplifies, χ < 1 dampens.

Equilibrium outcomes

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MPC ω

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Multiplier Ω

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Direct Ω_D

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Indirect Ω_I

DirectIndirect

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New Keynesian Cross

ERC: ĉ = ŷ PE before PE after Eq. before Eq. after

ŷ* = Ω_D · (−e) / (1−ω)
RANK: Ω = σ / (1−ρ)
TANK: Ω = σ(1−λ) / [(1−ρ)(1−λχ)]

Amplification when χ > 1 · Dampening when χ < 1 · Reduces to RANK when λ = 0

Model parameters

σ — EIS1.0

κ_y — NKPC slope0.10

φ_π — Taylor coefficient1.50

β — discount factor0.99

Other shocks

g — demand shock0.00

u — cost-push shock0.00

Equilibrium outcomes

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Δy

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Δπ

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Δi nom.

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Δr real

IS-LM — output & real rate

IS LM (e=0) LM (after e) Eq. before Eq. after

Phillips curve — output & inflation

PC (u=0) PC (after u) Eq. before Eq. after

IS: r = r̄ + g/σ − y/σ
LM: r = (φ_π−1)(κ_y y + u) + e
PC: π = κ_y y + u

Taylor principle: φ_π > 1 for determinacy · φ_π = 0 replicates ZLB peg

GitHub: AGaillardTSE

Replication files

C++

Aiyagari

Solve the standard Aiyagari model in 0.04–0.14 seconds with EGM + Young method (2010). Useful note (by Josep Pijoan-Mas): Very short notes on the endogenous grid method. Code: Aiyagari Code quick replication.

Entrepreneurial model

Solve efficiently Cagetti & DeNardi (2006, JPE) with endogenous borrowing constraint in 3s with DC-EGM, code available upon request.

Housing model

Solve standard housing macroeconomic models of Sommer & Sullivan (2018, AER) with EGM and DC-EGM. Note: Numerical Note: Solving Housing Macroeconomic Models with Discrete Choices. Code: Replication Code Sommer & Sullivan AER (2018).

Heterogeneous Agent New Keynesian (HANK)

Kaplan et al. (2018, AER). Notes: HANK Model Numerical solutions, Two-Country (2C) HANK model.

MatLab

Aiyagari in Continuous Time

With Jump-Drift Process. Code available upon request. Note: Aiyagari Model in Continuous Time with Jump-Drift Income Process.

Useful papers, techniques and links

[EGM] Endogenous Grid Method: Carroll (2006)
[ECM] Envelope Condition Method: Maliar (2013)
[DC-EGM] Algorithm for discrete-continuous choice models via EGM: Iskhakov et al. (2017)
[G2-EGM] Multi-dimensional DC-EGM: Druedahl and Jørgensen (2017)
[N-EGM] Nested EGM: Hintermaier and Koeniger (2012), Druedahl (2019)
[EXPECTATION] Value function expectations via polynomials: Judd et al. (2017)
[COLLOCATION] Collocation Method
[VAR, AR(1)] Discretizing VAR: Farmer & Toda (2013)
Jean-Pierre Moreau's Homepage — useful codes and routines in C++ and Fortran
Paul Bourke — useful tool for interpolations
John Burkardt — useful tools for many languages
John Stachurski and Tom Sargent's QuantEcon — useful codes in Julia / Python
Maliar & Maliar's Book — all
HATC project

Wicca

My Dog, Wicca

Montaigu, Vendée

Montaigu, France

Iceland

Somewhere, Iceland

Some extra facts about myself. I am trying to play tennis and drums — below, a picture of my (expected) level.

Tennis / Drums