This paper examines the contributions of population aging, mortgage innovation and historically low interest rates to the sharp rise in U.S. house prices and mortgage deb[...]

This paper examines the relationship between volatility shocks and preference shocks in an analytically tractable endogenous growth model with recursive preferences and s[...]

This paper examines how a household’s expectation of asset returns varies with wealth. In the model, households face idiosyncratic investment risks and confront Knightian[...]

This paper studies the impact of economies of scale in transportation on a firm's location decision. We relate the location problem to weighted Fermat problems and ramifi[...]

This paper examines the effects of time-varying volatility on welfare. I construct a tractable endogenous growth model with recursive preferences, stochastic volatility, [...]

This paper examines the welfare cost of rare housing disasters characterized by large drops in house prices. I construct an OLG general equilibrium model with recursive p[...]

This paper examines the welfare cost of rare housing disasters characterized by large drops in house prices. I construct an overlapping generations general equilibrium mo[...]