The standard, representative agent, consumption-based asset pricing theory based on CRRA utility fails to explain the average returns of risky assets. When evaluated on cross-sections of stock returns, the model generates economically large unconditional Euler equation errors. Unlike the equity...

While sparse literature exists investigating the impact of the Great Recession on various sectors of the economy, there is virtually no research that studies the effect of the Great Recession, or past recessions, on schools. This paper starts to fill the void. Studying school funding during the...

Remarks at the Whitman School of Management at Syracuse University, Syracuse, New York.

Remarks at Dominican College, Orangeburg, New York.

Remarks at the Economic Club of New York, New York City.

Remarks at Cornell University, Ithaca, New York.

Remarks at the University of Rochester, Rochester, New York.

Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.

Remarks at United States Military Academy at West Point, West Point, New York.

Remarks at the University at Albany, Albany, New York.