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-risk …

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 …

-specific productivity. Nonconvex adjustment costs lead plants to pursue generalized (S, s) rules with respect to capital; thus, their … investments are lumpy. In partial equilibrium, this yields substantial skewness and kurtosis in aggregate investment, though, with …

Previous research has suggested that discrete and occasional plant-level capital adjustments have significant aggregate … equilibrium environment. Specifically, assuming nonconvex costs of capital adjustment, I derive generalized (S,s) adjustment rules …

model incorporates assumptions designed to help account for the observed mean return on risk free and risky assets. We find …

In simple one-good international macro models, the presence of non-diversifiable labor income risk means that country … good hedge against non-diversifiable labor income risk. We then use our theory to link openness to trade to the level of …