"Are You Prepared For a Return of Prolonged '70s Style Inflation? In Inflation: The Silent Retirement Killer, Dr. David Phelps examines inflation throughout history, and reveals why the government needs inflation to fund their reckless borrowing and nanny-state promises. Dr. Phelps also exposes...

When limited commitment hinders unsecured credit, assets help by serving as collateral. We study models where assets differ in pledgability - the extent to which they can be used to secure loans - and hence liquidity. Although many previous analyses of imperfect credit focus on producers, we...

Rich people, women, and healthy people live longer. We document that this heterogeneity in life expectancy is large, and we use an estimated structural model to assess its effect on the elderly's saving. We find that the differences in life expectancy related to observable factors such as...