Although the lack of international portfolio diversification has long interested the financial economics literature … introduce a microeconomic aspect of under-diversification by examining a new data on U.S.-based mutual fund families' global … diversification. I document the fund families' investments in global equity markets and explore features of supply and demand in the …

Trade of the OECD countries has grown faster than income during the postwar period. This paper tests a number of … different hypotheses for the observed growth in the trade/income ratio. For small open economies, increases in real output and …

variation in labor income is due to residual variation in the wage rate, work hours, and unemployment hours. I also explore the … the long run. Innovations in unemployment have a relatively small, but very persistent effect on income which operates …This paper studies variation in individual labor income over time using a panel vector autoregression (PVAR) in income …

This paper assesses the quantitative importance of a number of sources of income risk for household welfare and … associated with disability, health, unemployment, job changes, wages, work hours, and a residual component of household income. I … precautionary saving. To that end I construct a lifecycle consumption model in which household income is subject to shocks …

, or because preferences have become more similar with rising per capita income. …

explore what combination of the expenditure data and the income data seem to produce the most sensible data according to a few …