asset pricing implications of the firm entry condition to explain the equity price response to a financial shock. The model … endogenous capital restructuring. Also, allowing the number of firms to fall after an adverse financial shock is a useful margin … of macroeconomic adjustment, reducing the overall impact of the shock on aggregate output. This is because the remaining …

This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings … in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of … standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub …

This paper proposes and studies a theory of adaptive consumption behavior under income uncertainty and liquidity … constraints. We assume that consumption is governed by a linear function of wealth, whose coefficients are revised each period by …

increases the precautionary saving motive around levels of wealth where the constraint becomes binding. Second, we provide a …

This paper is concerned with the theory of saving when consumers are not permitted to borrow, and with the ability of … such a theory to account for some of the stylized facts of saving behavior. When consumers are relatively impatient, and …

their precautionary savings. This depresses interest rates, especially in the short run, and generates an output drop, even …

the model, saving depends on the gap between 'target' and actual wealth, with the target determined by measured credit … supply explains the trend decline in saving, while fluctuations in wealth and consumer-survey-measured unemployment …

This paper estimates reduced form retirement and wealth equations, and analyzes the relationship between them. Data are … model of retirement and wealth. To improve retirement analysis, we develop the premium value, a measure of the future value …