Fewer women than men become executive managers. They earn less, hold more junior positions, and attrit faster. We compiled a large panel data set on executives and formed a career hierarchy to analyze promotion and compensation rates. Given executive rank and background, women are paid more than...

I analyze a stylized consumption-based asset pricing model that features heterogeneous agents and household capital, and discover a novel recession risk factor related to the cross-sectional second moments of the corresponding investments into such home capital. In order to fully isolate the...

Extreme market outcomes are often followed by a lack of liquidity and a lack of trade. This market collapse seems particularly acute for derivative markets where traders rely heavily on a specific empirical model. Asset pricing and trading, in these cases, are intrinsically model dependent....

I present a consumption-based explanation of a number of phenomena in the aggregate equity market. The model invokes the recursive utility function of Epstein and Zin (1989), configured with the plausible parameters of the average coefficient of the aversion to late resolution of uncertainty of...

Hall (1988) estimates the intertemporal substitutability for nondurable goods economically and statistically insignificant. Ogaki and Reinhart (1998) introduce the service flow from durable goods using within-period-nonseparable homothetic preference specification. They estimate the...