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 — July 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

Partner Similarity and The Sectoral Evolution of China’s Tradewith E. Fisgin, F. de Soyres, A. M. Santacreu and H. Young

Wealth Dynamics and Serial Business Ownershipwith S. Kankanamge, O. Karabulut

Universal Basic Capital with a Social Wealth Fundwith T. Lee

Older Working Papers

Buying and Selling Business Assetswith 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