“...Few retirees annuitize any wealth, a fact that has so far defied explanation within the standard framework of forward-looking, expected utility-maximizing...”

“...How should environmental policy respond to economic fluctuations caused by persistent productivity shocks? This paper answers that question using a dynamic...”

“...In this paper we consider the implications of habits for optimal monetary policy, when those habits either exist at the level of the aggregate basket of...”

“...It is often assumed that wedges evolve according to VAR(1) in the applications of business cycle accounting (BCA). However, recent research finds that the...”

“...Projected demographic changes in the U.S. will reduce the share of the working-age population. Analyses based on standard OLG models predict that these changes...”

“...This paper studies how rare disasters and uncertainty shocks affect risk premia in DSGE models approximated to second and third order. Based on an extension of...”

“...If entitlement to UI benefits must be earned with employment, generous UI is an additional benefit to working, so, by itself, it promotes job creation. If...”

“...Countries with oil and other natural resources have grown less rapidly than those countries without. This phenomenon is known as the "natural resource curse"...”

“...The bond yield dynamics implied by a welfare-maximizing monetary policy and its credibility are explored in general equilibrium. Credibility is captured by a...”

“...We show that the aggregate Frisch elasticity of labor supply can greatly exceed the corresponding individual-level parameter, and we illustrate the "anatomy"...”