The authors develop a life-cycle model to study the effects of house price changes on household consumption and welfare. The model explicitly incorporates the dual feature of housing as both a consumption good and an investment asset and allows for costly adjustments in housing and mortgage...

We propose a novel approach to estimate household income uncertainty at various future horizons and characterize how the estimated uncertainty evolves over the life cycle. We measure income uncertainty as the variance of linear forecast errors conditional on information available to households...

Remarks at the National Association for Business Economics Annual Meeting, New York City.

An examination of how intergenerational altruism and borrowing constraints shape the interest rate, savings, and welfare response to funded and unfunded Social Security programs.

Remarks at the National Association for Business Economics Annual Meeting, New York City.