consumption risks and rare disasters. Only the volatility puzzles remain unresolved among the longer-established issues in this … literature. Motivated by empirical finance contributions and conventional wisdom, we abstract from a consumption-centric analysis … consumption growth. The resulting model compares favorably with the literature in explaining the risk-free rate volatility, but it …

with nominal and financial rigidities and allow us to reproduce the same consumption multiplier as Galí et al. (2007 …

Buffer-stock versions of the dynamic stochastic optimizing model of saving are now standard in the consumption … models, including the existence of a target level of wealth and the proposition that aggregate consumption growth equals …

Economists working with numerical solutions to the optimal consumption/saving problem under uncertainty have long known … showing that in both cases the effects spring from the concavity in the consumption function which either uncertainty or … constraints can induce We further show that consumption function concavity once created propagates back to consumption functions …

motives, the roles and the consequences of the Jesuits as agents of information regarding China affected the European … and transmission of information. It finds that economic progress and political consolidation in Europe did result in a …

We develop a new theory of international capital flows based on dispersed in-formation across individual investors …-standing asset price behavior. We introduce information dispersion into an openeconomy dynamic general equilibrium portfolio choice … model, and emphasize twoimplications for capital flows that are speci…c to the presence of dispersed infor-mation. First …