We show that incorporating consumption commitments into a standard model of precautionary saving can complicate the usual relationship between risk and consumption. In particular, we present a model where the presence of plausible adjustment costs can cause a mean-preserving increase in...

"This paper examines the causes of the observed increase in the average duration of unemployment over the past thirty years. First we analyze whether changes in the demographic composition of the U.S. labor force, particularly the age and gender composition, can explain this increase. We then...

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at Dominican College, Orangeburg, New York.

Remarks before the Morris County Chamber of Commerce, Florham Park, New Jersey.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.