Agriculture stands as the foundation of modern human societies. Any changes in social
functioning should seriously consider how to guarantee people a proper supply of food, in …

Expectations play a central role in modern macroeconomic theories. The econometric
learning approach models economic agents as forming expectations by estimating and …

Winner of the prestigious Paul A. Samuelson Award for scholarly writing on lifelong financial
security, John Cochrane's Asset Pricing now appears in a revised edition that unifies and …

The classic introduction to the New Keynesian economic model This revised second edition
of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level …

This paper examines a model of dynamic price adjustment based on the assumption that
information disseminates slowly throughout the population. Compared with the commonly …

Walter Bagehot's Lombard Street, published in 1873 in the wake of a devastating London
bank collapse, explained in clear and straightforward terms why central banks must serve as …

We study asset prices in an economy where investors derive direct utility not only from
consumption but also from fluctuations in the value of their financial wealth. They are loss …

We examine the frequency of price changes for 350 categories of goods and services
covering about 70 percent of consumer spending, on the basis of unpublished data from the …

I examine 2,735 estimates of the elasticity of intertemporal substitution in consumption (EIS)
reported in 169 published studies. The literature shows strong selective reporting …

This paper develops a framework for analyzing the impact of macroeconomic conditions on
credit risk and dynamic capital structure choice. We begin by observing that when cash flows …