“Our results follow from two basic observations. First, zero-sum distribution shocks have aggregate effects if, and only if, there are asymmetries in the reactions of winners and losers to change in wealth. If the individual response of, say, labor supply to a marginal change in wealth is the same for everybody, then wealth changes that sum to zero generate changes in labor supply that also sum to zero.”
Good news: 14 of these done.
Bad news: 16 more to go.
See, I wasn't exaggerating when I said it was a monster.
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