This paper applies a factor model to the study of risk sharing among U.S. states. The factor model makes it possible to disentangle movements in output and consumption due to national, regional, or state-specific business cycles from those due to measurement error. The results of the paper...

This paper presents tractable and efficient numerical solutions to general equilibrium models of asset prices and consumption where the representative agent has recursive preferences. It provides a discrete-time presentation of the approach of Fisher and Gilles (1999), treating continuous-time...

My project "How Green is the Mouse?" analyses the ways in which the Disney Company utilizes various green marketing strategies in an effort to appeal to the growing number of eco-conscious consumers. My study examines different strategies of green marketing and evaluates the use of these...

Culture Jammers, an activist guerilla-like movement, entered the global scene in the 1990s and, through public performances, attempt to draw attention to their claim that the US economic structure is facing a fundamental need to shift away from a consumer-oriented capitalist economy. As an...

In this paper, we suggest a collective model with parents and (young) children. We identify and estimate scale economies in households and the sharing rule between husband, wife and children. While adult shares and economies of scale are identi?ed thanks to the estimation of individual Engel...

This paper studies asset allocation decisions in the presence of regime switching in asset returns. We find evidence that four separate regimes - characterized as crash, slow growth, bull and recovery states - are required to capture the joint distribution of stock and bond returns. Optimal...

Is the risk aversion parameter in the simple intertemporal consumption CAPM “small” as in Hansen and Singleton (1982,1983), or is it that its reciprocal, the intertemporal elasticity of substitution, is small, as in Hall (1988)? This paper attributes the disparate estimates of this...