Macro-finance addresses the link between asset prices and economic fluctuations. Many
models reflect the same rough idea: the market's ability to bear risk is greater in good times …

Using nationally representative data on consumption, we show that Blacks and Hispanics
devote larger shares of their expenditure bundles to visible goods (clothing, jewelry, and …

We provide new evidence on the success of long‐run risks in asset pricing by focusing on
the risks borne by stockholders. Exploiting microlevel household consumption data, we …

There are already many good textbooks on financial markets and investments with the book
by Bodie, Kane, and Marcus (2014) as a popular and excellent example. This book …

This paper introduces a new class of nonaffine models of the term structure of interest rates
that is supported by an economy with habit formation. Distinguishing features of the model …

We identify a causal effect of the liberalization and prohibition of commercial sex on rape
rates, using staggered legislative changes in European countries. Liberalizing prostitution …

We demonstrate that upward-looking comparisons induce “keeping up with the richer
Joneses”-behaviour. Using data from the German Socio-Economic Panel, we estimate the …

We develop a neo-Kaleckian growth model that emphasizes the importance of consumption
behavior. In our model, workers first make consumption decisions based on their gross …

Some economists argue that consumption of publicly visible goods is driven by social status.
Making a causal inference about this claim is difficult with observational data. We conduct an …

We estimate the importance of preference interdependence from consumption choices. Our
strategy follows the literature that tests the constraints imposed by optimality on the evolution …