are relaxed, the empirical support for the CAPM is very strong. When human capital is also included in measuring wealth …

A Beckerian model of household production is developed to study the allocation of capital and time between market and … the market, labor interacts with business capital to produce market goods and services, and likewise at home the remaining … time, leisure, is combined with household capital to produce home goods and services. The theoretical model presented is …

We construct a model where capital competes with fiat money as a medium of exchange, and we establish conditions on … fundamentals under which fiat money can be both valued and socially beneficial. When the socially efficient stock of capital is too … Rule, fiat money provides just enough liquidity so that agents choose to accumulate the same capital stock a social planner …

Capital accumulation and creative destruction is modeled together with risk-averse households. The novel aspect …

organization capital. Theory suggests that where plants are in the life cycle determines the size of the payments, or dividends …, plant owners receive from organization capital. These payments are compensation for the interest cost to plant owners of … payments plant owners receive from physical capital, net of new investment, and more than 40% of payments from all forms of …

We find that the welfare gains to being at the optimum quantity of debt rather than the current U.S. level are small …, and, therefore, concerns regarding the high level of debt in the U.S. economy may be misplaced. This finding is based on a … and borrowing constraints. This model incorporates a different role for government debt than is found in standard models …

We characterize the values of government debt and the debt's maturity structure under which financial crises brought on …'s fundamentals place it inside the crisis zone, the government is motivated to reduce its debt and exit the crisis zone because this … leads to an economic boom and a reduction in the interest rate on the government's debt. We show that this reduction may be …

debt relationship, and (ii) regardless of their past actions, governments can earn the (possibly state-contingent) market … models with multiple relationships and spillover across them, reputation may support debt. This paper shows what is needed …

), except that we let the government default on its debt. As a benchmark, we consider Ramsey equilibria in which the government … with positive debt can be supported by such trigger mechanisms. …

This paper presents a government debt game with the property that if the timing of debt auctions within a period is … debt structure is identical to the set of equilibrium outcome paths given the government can issue only one-period debt. …