Publications

This paper documents that during the late 20th Century, nominal government bonds and stocks tended to comove positively, whereas during the first quarter of the 21st Century they have tended to comove negatively. A similar sign switch is observable for...

Household finance research has come of age during the early 21st Century by exploiting computational advances for solving complex optimization problems, the availability of large administrative datasets, the development of microeconometrics for causal...

How much consumption is sustainable, if "sustainability" requires that welfare should not be expected to decline over time? We impose a sustainability constraint on a standard consumption/portfolio choice problem. The constraint does not distort portfolio...