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New Working Papers

  • "An Economic Model of the Planning Fallacy," with M. K. Brunnermeier and F. Papakonstantinou, NBER WP 14228, August 2008

    Publications

  • "Euler Equations," The New Palgrave Dictionary of Economics, Second Edition, Steven N. Durlauf and Lawrence E. Blume eds, Palgrave MacMillan, 2008, 1851-54.
    • (This is a correct version; the published version has several errors made by Palgrave MacMillan, some entirely their own, some failures to make corrections from page proofs.)
     
  • "Taxes and Growth in a Financially Underdeveloped Country: Evidence from the Chilean Investment Boom," with C. T. Hsieh, Economia, 8(1), Fall 2007, 121-60 . Unpublished appendix

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  • "Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns," with M. K. Brunnermeier and C. Gollier, American Economic Review, Vol 97 No 2, (May 2007) 159-65. NBER WP 12940 version with unpublished appendix

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  • "Household Expenditure and the Income Tax Rebates of 2001" with D. Johnson and N. Souleles, American Economic Review, Vol 96 No 5, (December 2006) 1589-1610. Summary from NBER Digest (April 2005)

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  • "Optimal Expectations," with M. K. Brunnermeier, American Economic Review , Vol 95 No 4, (September 2005) 1092-1118.

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  • "Consumption Risk and the Cross-Section of Expected Returns," with C. Julliard, Journal of Political Economy
    • , Vol 113 No 1, (February 2005) 185-222.
     
  • "Precautionary Saving and Consumption Fluctuations," with B. Preston, American Economic Review
    • , Vol 95 No 4, (September 2005) 1119-43. Technical appendix
     
  • "Luxury Goods and the Equity Premium," with Y. Ait-Sahalia and M. Yogo, Journal of Finance, Vol 59 No 6, (December 2004) 2959-3004.

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  • "Comment on `Federal Government Debt and Interest Rates' by Eric M. Engen and R. Glenn Hubbard," in Mark Gertler and Ken Rogoff eds, NBER Macroeconomics Annual 2004, Cambridge: MIT Press, 2005, 139-147.

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  • "Consumption Risk and Expected Stock Returns," American Economic Review, Vol 93 No 2, (May 2003) 376-382.

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  • "Comment on: "Athanasios Orphanides and John Williams `Robust Monetary Policy Rules with Unknown Natural Rates," Brookings Papers on Economic Activity, Vol 2, (2002) 119-26.

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  • "Consumption Over the Life Cycle," with P. O. Gourinchas, Econometrica, Vol 70 No 1, (January 2002) 47-89.

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  • "The Consumption Risk of the Stock Market," Brookings Papers on Economic Activity, Vol 2, (2001) 279-348.

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  • "The Empirical Importance of Precautionary Saving," with P. O. Gourinchas, American Economic Review, Vol 91 No 2, (May 2001) 406-12.

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  • "Comment on: "Real Estate and the Macroeconomy," Brookings Papers on Economic Activity, Vol 2, (2000) 150-58.

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  • "Spendthrift in America? On two decades of decline in the U.S. saving rate," in Ben Bernanke and Julio Rotemberg eds, NBER Macroeconomics Annual 1999, Cambridge: MIT Press, Vol 14, (2000) 317-70.

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  • "The Reaction of Household Consumption to Predictable Changes in Social Security Taxes," American Economic Review, Vol 89 No 4, (September 1999) 959-73.

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  • "April 15th Syndrome," with Joel Slemrod, Charles Christian, and Rebecca London, Economic Inquiry, Vol 35, (October 1997) 695-709.

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  • "Measuring the Cyclicality of Real Wages: How Important is the Composition Bias?," with Gary Solon and Robert Barsky, Quarterly Journal of Economics, Vol 109 No 1, (February 1994) 1-25.

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    Older Working Papers

  • "The Consumption Function Re-Estimated," August 1999.

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  • "The Propagation of Demand Cycles When Purchases are Timed," November, 2001 (formerly "The Timing of Purchases, Market Power, and Economic Fluctuations").

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    Publications | Home | Curriculum Vitae | Teaching