Why Marshall
Leadership
Dean Geoffrey Garrett
Dean's Cabinet
Boards
Real-World Learning
Human Leadership
Tech Fluency
Global Opportunities
Diversity, Equity and Inclusion
Teaching + Innovation
Experiential Learning Center
Open Expression Statement
Programs
Undergraduate Programs
Admissions
Degrees
BS Business Administration (BUAD)
Business Emphases
BS Accounting (ACCT)
World Bachelor in Business (WBB)
BS Business of Cinematic Arts (BCA)
BS Artificial Intelligence for Business (BUAI)
Undergraduate Minors
Graduate Programs
MBA Programs
Full-Time MBA (FTMBA)
Executive MBA (EMBA)
Part-Time MBA (MBA.PM)
International MBA (IBEAR)
Online MBA (OMBA)
Specialized Masters
MS Business Administration (MSBUSAD)
MS Business Analytics (MSBA)
MS Entrepreneurship + Innovation (MSEI)
MS Finance (MSF)
MS Global Supply Chain Management (MSGSCM)
MS Marketing (MSMKT)
MS Social Entrepreneurship (MSSE)
Master of Business for Veterans (MBV)
Master of Management Studies (MMS)
Accounting Masters
Master of Accounting (MAcc)
Master of Business Taxation (MBT)
Master of Business Taxation for Working Professionals (MBT.WP)
PhD Program
Accounting
Data Sciences + Operations
Finance
Management + Organization
Marketing
Graduate Certificates
GC in Business Analytics
GC in Financial Analysis + Valuation
GC in Management Studies
GC in Marketing
GC in Optimization + Supply Chain Management
GC in Strategy + Management Consulting
GC in Sustainability + Business
GC in Technology Commercialization
GC in Library and Information Management – Online
Executive Education Redirect
Departments
Business Communication (BUCO)
Faculty
Data Sciences and Operations (DSO)
Finance + Business Economics (FBE)
Leventhal School of Accounting (ACCT)
Lloyd Greif Center for Entrepreneurial Studies (BAEP)
Management and Organization (MOR)
Marketing (MKT)
Institutes + Centers
Peter Arkley Institute for Risk Management
Brittingham Social Enterprise Lab
Center for Investment Studies
Initiative on Digital Competition
Randall R. Kendrick Global Supply Chain Institute
Center for Effective Organizations
Lloyd Greif Center for Entrepreneurial Studies
VanEck Digital Assets Initiative
Institute for Outlier Research in Business
Center for Global Innovation
Neely Center for Ethical Leadership and Decision Making
Trojan Network
Recruiting
Undergraduate
Graduate
Career Services
Giving + Support
Alumni Engagement + Resources
Student Organizations
Commencement
Ayse Imrohoroglu is a macroeconomist who specializes in understanding business cycles, inflation, unemployment insurance, and social security. Her work has been published in the American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Review of Economic Studies, and Journal of Monetary Economics. She received a National Science Foundation grant in 1992 to investigate the effects of social security programs on economies with imperfect insurance. From 2004 to 2007, she was Chair of the Department of Finance and Business Economics.
Areas of Expertise
RESEARCH + PUBLICATIONS
For a sizable fraction of the homeless population, homelessness is a temporary state often triggered by shocks to income. In this paper, we examine economic policies that may help reduce the flow to homelessness for these individuals. We construct a model economy that is calibrated to capture especially the lower tail of the income distribution where bad enough shocks to income leave some people homeless. We use the model economy to examine the effectiveness of several policies such as rental subsidies, housing vouchers, and relaxation of borrowing constraints in reducing the flow to homelessness at the steady state. Our findings indicate that rent subsidy directed at particular sized units results in the lowest rate of homelessness while relaxing borrowing constraints results in the highest rate of homelessness.
Optimal taxation of top income has gained a lot of attention as a natural consequence of the increasing inequalities in income and wealth in the U.S. in the last 40 years. This was also a period when marginal income tax rates decreased substantially. In this paper, we examine the optimal taxation of top income earners in a model with an entrepreneurial decision making process. Taking entrepreneurs into account could be potentially important for understanding the implications of top income taxation on welfare, inequality, and government revenues since 40% of the top 1% of income earners are entrepreneurs.
This paper examines the time path of saving rates between 1970 and 2010 in Chile, Colombia, and Mexico through the lens of the neoclassical growth model. The findings indicate that two factors, the growth rate of TFP and fiscal policy, are able to account for some of the major fluctuations in saving rates observed duringthis period. In particular, we find that the model accounts for the low saving rates in Chile compared to Colombia until the late 1980s and the reversal in the saving rates thereafter. Also, a combination of high TFP growth and tax reforms that substantially reduced capital taxation seems to be responsible for the impressive increase in Chile’s saving rate in mid 1980s.
The share of wealth held by the top one percent of Americans has increased from about 24% in 1980 to 40% in 2010. This paper examines the potential role played by three factors in accounting for this increase - decline in the corporate tax rates, increase in the income risk, and the decline in the world interest rates. Our model consists of altruistic households who either run a business or work for others. Entrepreneurial households enjoy high returns due to high productivity while worker households' savings earn the bank deposit rate that is determined in a competitive banking sector and equals the rate of return on foreign bonds. We find that entrepreneurship and intergenerational links via altruism are important factors generating a wealth distribution that mimics the data in the 2000s. However, it is the decline in the interest rate that plays a major role in accounting for the increase in the U.S. wealth inequality since the 1980s. In our model, the decline in the interest rate increases wealth inequality as it affects the two types of households differently. Entrepreneurial households benefit from lower financing costs and increase their investments while worker households face lower returns to their savings as the interest rate declines. Other changes such as the changes in taxation and income risk play a less significant role.