This paper addresses the issue of portfolio risk exposure as a function of age, and it focuses the debate by presenting detailed cross-sectional evidence about individual portfolios. It provides new empirical results that characterized the relationship between age and the risk exposure of...

In his classic work on the economics of fertility, Becker (1960) suggests that children are likely “normal.” We examine this contention. Our first step is documenting an empirical regularity about the cross section of white married couples in the U.S.: when we restrict comparisons to...

This paper explores the theoretical relationship between the population growth rate and asset prices implied by an overlapping-generations model. The model shows that changes in a population's age distribution affect asset prices but such changes generate low frequency movements in asset prices....

This paper explores the relationship between age distribution and asset returns impled by an overlapping-generations asset pricing model. The model predicts that as more individuals reach the age when the increment to their wealth reaches its maximum, asset returns fall. Cross-sectional evidence...

This paper presents a model of economic growth based on the life-cycle hypothesis to determine the path of capital accumulation and economic growth as the baby boom passes through the U.S. economy. The model predicts that a baby boom causes a temporary decline of the capital-labor ratio. The...

Presentation at Lincoln University, Jefferson City, Mo., Oct. 4, 2004

Presentation at Delta State University, Cleveland, Miss., Oct. 19, 2004

Presentation to the Culver-Stockton College, Feb. 24, 2005

Presentation to the Global Economic Outlook (GEO) Conference, West Palm Beach, Fla., March. 8, 2005