Sectoral shocks, learning, and aggregate fluctuations Abstract We present a model in which sectoral shocks have aggregate consequences. The model […]
Business as usual, market crashes, and wisdom after the fact Abstract We present a three-stage model of market crashes. In
Monetary policy as a process of search Abstract Monetary policy makers are uncertain about the state of the economy and
Mass layoffs and unemployment Abstract Mass layoffs give rise to groups of unemployed workers who possess similar characteristics and, therefore,
Economic Theory and the World of Practice: A Celebration of the (S, s) Model Abstract An article written in celebration
Psychological expected utility theory and anticipatory feelings Abstract We extend expected utility theory to situations in which agents experience feelings
Aids policy and psychology: A mechanism-design approach Abstract Economic theorists have given little attention to health-related externalities, such as those
The recursive approach to time inconsistency Abstract Recursive optimization techniques dominate many areas of economic dynamics. However, in decision problems
Miracle on sixth avenue Abstract Sixth Avenue, long-vacant, boomed after the opening of Bed, Bath, and Beyond taught other retailers
Collateral damage: How refinancing constraints exacerbate regional recessions Abstract Falling property values make it impossible for may homeowners to refinance