challenge for a neoclassical model, which relies on the wealth effect on labor supply as the main channel of transmission of … unproductive government spending shocks. The goal of this paper is to explore further the role of the wealth effect in the …, in which preferences can be consistent with an arbitrarily small wealth effect on labor supply, and highlight that such …

the agent with an intermediary. We then show that our contract economy is equivalent to a consumption-savings economy with …

markets, often attributed to fixed costs of market entry. However, portfolio shares also rise with wealth among those … employed to explain aggregate country-level home bias, also produces non-trivial heterogeneity in portfolios across wealth …