Analysis of a broad survey of Japanese adults confirms that time discounting relates to body weight, not only via impatience, but also via hyperbolic discounting, proxied by inclination toward procrastination, and the sign effect, where future negative payoffs are discounted at a lower rate than...

Using a two-good, two-country model, we examine macroeconomic adjustment by allowing for decreasing and increasing marginal impatience (DMI and IMI). In the reference case where both countries have IMI, a negative output shock in one country lowers the interest rate and both countries' welfare...

Using a multicountry model with perfect-foresight dynamic optimization by infinitely-lived households, the authors analyze the dynamics of macroeconomic nonmonetary and monetary variables. The authors show that the most patient country initially accumulates foreign debt but eventually...

We examine the current account effect of a terms-of-trade deterioration for a small country model, incorporating weakly non-separable preferences à la Shi (1994) under endogenous time preference. This enables us to emphasize a welfare change as an important determinant of the current account....

This paper extends the arbitrage pricing theory to an international setting. Specifying a linear factor return-generating model in local currency terms, the author shows that the usual risk-diversification rule in the arbitrage pricing theory does not yield a riskless portfolio unless currency...