, regions with historically high DTI ratios exhibited greater reductions in mortgage originations, house prices, and consumption …

We study the effects of monetary-policy-induced changes in Tobin's q on corporate investment and capital structure. We … evidence, and quantify the relevance for monetary transmission to aggregate investment …

We propose an empirical implementation of the consumption-investment problem using the martingale representation … simplifies the investor's task of specifying the investment opportunity set and inherits the computational convenience of the … and probabilities, which generate variation in consumption, and the consumption smoothing induced by risk aversion. Using …

point in expected returns increases the consumption share of the top 10% by 6% permanently. Our findings suggest that lower … generalized formula that includes the consumption/wealth ratio and which is consistent with our empirical and theoretical findings …

This paper introduces consumption segregation, a new margin of residential segregation, and examines its patterns …, causes, and discusses its aggregate consequences. We use new longitudinal and highly granular data to measure consumption … consumption segregation, mainly due to the inability to smooth shocks to income. We illustrate a new mechanism through which, in …