In this paper, we study the income effects of a government-oriented agricultural policy, China's High-standard Farmland Construction Program (HSFCP), which focuses on improving infrastructure facilities and increasing the adoption of localized modern technologies. We exploit implementation of...

In this paper, we study the income effects of a government-oriented agricultural policy, China's High-standard Farmland Construction Program (HSFCP), which focuses on improving infrastructure facilities and increasing the adoption of localized modern technologies. We exploit implementation of...

Economic theory says that participants in 401(k) plans should gradually rebalance their portfolios away from stocks and toward less risky bonds as they approach retirement. Conventional target date funds attempt to do so by automatically rebalancing the household's portfolio periodically, but...

A substantial literature has developed models of optimal consumption and asset allocation based on the assumption that stocks and bonds have fixed returns, with normal independent, identically distributed disturbances. Households optimally rebalance from stocks to bonds as they age, reflecting...