“...We argue that the government-spending multiplier can be much larger than one when the zero lower bound on the nominal interest rate binds. The larger the...”

“...What explains the range of situations in which individuals cooperate? This paper studies a model where individuals respond to incentives but are also...”

“...We evaluate whether state-of-the-art macro models featuring indivisible labor are consistent with modern quasi-experimental micro evidence by synthesizing...”

“...In the context of a dynamic, stochastic, general equilibrium model, we perform classical maximum likelihood and Bayesian estimations of the contribution of...”

“...We quantitatively analyze the role of financial frictions and resource misallocation in explaining development dynamics. Our model economy with financial...”

“...Evidence of stock-return predictability by financial ratios is still controversial, as documented by inconsistent results for in-sample and out-of-sample...”

“...This paper analyses the possibility and the consequences of rational bubbles in a dynamic economy where financially constrained firms demand and supply...”

“...A model of infrequent rebalancing can explain specific predictability patterns in the time series and cross-section of stock returns. First, infrequent...”

“...This article analyses the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model...”

“...We propose a life-cycle model of the housing market with a property ladder and a credit constraint. We focus on equilibria that replicate the facts that credit...”