This dissertation consists of two chapters, both of which study the wealth inequality using heterogenous agent general equilibrium model. In particular, the first chapter focuses on a government policy and its implications on wealth inequality. The second chapter incorporates cost to high return assets to generate realistic wealth mobility in the…

This paper examines the U.S. social insurance system, which we define broadly to include both programs supported by dedicated taxes and other federal programs that provide income support, assistance in meeting basic needs, or services to improve economic opportunity. The paper considers the social insurance system as a whole as well as its…

The past year highlighted and heightened California's key challenges. Millions of Californians lost jobs and income during the COVID-19 crisis; low-income families, communities of color, and women were hit hardest. As schools and universities shifted rapidly to remote learning, educators and parents scrambled to provide all students with…

The Federal Pell Grant Program is a critical source of grant aid for many low-and moderate-income college students. Over the past decade, the federal government has expanded the program to serve more students, increasing the maximum level of each award to $5,550 and better ensuring college access and success. However, the House 2012 budget…

The focus of this paper is inequality - primarily, income - inequality - in the United States and the historical-political context in which policies that affect inequality are being discussed. The first section gives a brief description of recent trends in the distribution of income in the United States, a picture whose most remarkable feature is…