This paper seeks to situate an understanding of the long-term implications of Smart Contract (SC) technologies as a cluster of technologies that together with AI (shorthand for software applications) and 5G (shorthand for networked ICTs) will prove important for enabling a future wherein any...

This paper develops a model where firms' equilibrium capital structures depend on firms' risk characteristics and investors' aggregate risk appetite. I assume that the law of one price fails because security markets are incomplete and risk-sharing through short-selling or borrowing is limited....

This paper examines the effects of financial market imperfections in the context of financial integration. We employ a general equilibrium model with heterogeneous entrepreneurs and address the question of cross-border capital flows from poor to rich as well as focus on aggregate capital...

This paper studies how consumers respond to unexpected, transitory income shocks and why. In a randomized control trial, I elicit marginal propensities to consume (MPC) out of different hypothetical income shock scenarios, varying the payment mode, the shock size, and the source of income. The...

This paper studies an environment with two infinitely-lived altruistic agents whose only sources of income are a risk-free return on savings and voluntary transfers from the other player. We study the Markov-perfect equilibrium of a continuous-game (differential game). On the technical side, we...

This paper studies the structure and dynamics of consumption and consumption growth inequality. The theoretical framework is a heterogeneous agent model with stochastic labor endowments, where the group mean consumption serves as consumption externality. The main finding is that households'...