Federal Reserve Articles
“Consumption concentration may be up, adding slightly to economic fragility", Benjamin Hoham and Fang Yang, Dallas Fed Economics, November 25, 2025
“Individuals, married couples respond differently to U.S. income tax changes”, Margherita Borella, Mariacristina De Nardi, Michael Pak, Nicolo Russo and Fang Yang, Dallas Fed Economics, November 19, 2024
“State and local governments rake in surpluses after pandemic”, with Ron Mau, Dallas Fed Economics, December 19, 2023
“Tax, transfer programs explain why Western Europeans work less than Americans”, with Lei Fang, Dallas Fed Economics, January 19, 2023.
“Piketty’s Book and Macro Models of Wealth Inequality,” with Mariacristina De Nardi and Giulio Fella. Chicago Fed Letter, 352, 2016.
“American Dream or American Obsession? The Economic Benefits and Costs of Homeownership,” with Wenli Li, Federal Reserve Bank of Philadelphia Business Review, Q3, 20-30, 2010.
Vox Columns
Why households save and work: The role of risks, bequest motives, and family dynamics, Margherita Borella, Mariacristina De Nardi, Fang Yang, Johanna Torres Chain 2025
Marriage-related taxes and Social Security benefits are holding back women’s labour supply in the US, Mariacristina De Nardi, Fang Yang, Margherita Borella , 23 Nov 2019
The lost ones: The opportunities and outcomes of white, non-college-educated Americans born in the 1960s. Fang Yang, Douglas Clement, Mariacristina De Nardi, Margherita Borella, 17 May 2019
Piketty's book and macro models of wealth inequality, Giulio Fella, Fang Yang, Mariacristina De Nardi , 22 Dec 2015
The content on this webpage does not necessarily reflect the views of the Federal Reserve Bank of Dallas or the Federal Reserve Syst