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

these facts, we propose a simple model of sovereign risk in which debt can be traded in secondary markets. The model has two …

oversupply of savings. Other forces that work in the same direction and can both create or exacerbate the problem include a drop …

current account imbalances and possibly to the recent global financial crisis. This paper proposes a theory of excess savings …Large savings and current account surpluses by China and other countries are said to be a contributor to the global … show conditions under which an intensified competition in the marriage market can induce men to raise their savings rate …

expected exchange rate depreciations (appreciations) for high (low) interest rate currencies, suggesting that disaster risk is … priced in currency markets. To study the price of disaster risk, we propose a simple structural model that includes both … Gaussian and disaster risk and can be estimated even in samples that do not contain disasters. Estimating the model over the …