Remarks before the Morris County Chamber of Commerce, Florham Park, New Jersey.

This paper considers the problem of information acquisition in an intermediated market, where the specialists have access to superior technology for acquiring information. These informational advantages of specialists relative to households lead to disagreement between the two groups, changing...

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at the Barclays 16th Annual Global Inflation-Linked Conference, New York City.

A flexible labor margin allows households to absorb shocks to asset values with changes in hours worked as well as changes in consumption. This ability to absorb shocks along either or both margins greatly alters the household’s attitudes toward risk, as shown by Swanson (2012). The present...

Remarks at the European Economics and Financial Centre, London, England.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

The consumption behaviour of U.K., U.S. and Japanese households is examined and compared using a modern Ando-Modigliani style consumption function. The models incorporate income growth expectations, income uncertainty, housing collateral and other credit effects. These models therefore capture...

We present new measures of household-specific inflation experiences based on comprehensive information from the Consumer Expenditure Survey (CEX). We match households in the Interview and the Diary Surveys from the CEX to produce both complete and detailed pictures of household expenditures. The...