Agricultural production systems should evolve fast to cope with risks induced by climate
change. Farmers should adapt their management strategies to stay competitive and satisfy …

The neoclassical theory of investment has mainly been tested with physical investment, but
we show that it also helps explain intangible investment. At the firm level, Tobin's q explains …

There are two explanations for agricultural price dynamics. One follows cobweb logic and
models fluctuations driven by expectation errors but emphasises that these expectations …

The last twenty years have witnessed tremendous advances in the mathematical, statistical,
and computational tools available to applied macroeconomists. This rapidly evolving field …

Fully revised and restructured, Measuring Market Risk, Second Edition includes a new
chapter on options risk management, as well as substantial new information on parametric …

We quantitatively identify the factors that drive wealth dynamics in the United States and are
consistent with its skewed cross-sectional distribution and with social mobility. We …

Unlike conventional insurance, which indemnifies policyholders for verifiable production
losses arising from multiple perils, index insurance indemnifies policyholders based on the …

We investigate the optimal policy response to the possibility of abrupt, irreversible shifts in
system dynamics. The welfare cost of a tipping point emerges from the policymaker's …

We review the last two decades of research in dynamic corporate finance, focusing on
capital structure and the financing of investment. We first cover continuous time contingent …

Golosov and Lucas recently argued that a menu‐cost model, when made consistent with
salient features of the microdata, predicts approximate monetary neutrality. I argue here that …