utility. We empirically find that asset returns correlate negatively with many individuals' low-quantile consumption growth …. This new model explains both the low covariance between consumption growth and stock returns and a high equity premium …

We analyze the consequences of habit formation for income levels and long-term growth in an overlapping generations … habits yield permanent effects on output levels due to transitional effects on growth rates, capital profitability and speed …-like) equilibrium in which habits increase growth rates and resource depletion even in the long run, sustainability conditions are less …

an AK technology, a model of balanced growth. In this context we investigate status preference, demographic, and pension … policy shocks. We find that a higher degree of KUJ lowers economic growth, while, in contrast, a decrease in the fertility … that the growth rate is higher under PAYG. We also consider the implications of an increase in the retirement date under …

marginal propensity to consume because the short run covariance between income growth and consumption growth increases when …