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- Per Krusell, Anthony A. Smith, Wouter den Haan, Mark Huggett, Robert Lucas
- 1998

How do movements in the distribution of income and wealth affect the macroeconomy? We analyze this question using a calibrated version of the stochastic growth model with partially uninsurable idiosyncratic risk and movements in aggregate productivity. Our main finding is that, in the stationary stochastic equilibrium, the behavior of the macroeconomic… (More)

- Ruediger Bachmann, Ricardo J. Caballero, +5 authors Anthony Smith
- 2010

The sensitivity of U.S. aggregate investment to shocks is procyclical: the response upon impact increases by approximately 50% from the trough to the peak of the business cycle. This feature of the data follows naturally from a DSGE model with lumpy microeconomic capital adjustment. Beyond explaining this specific time variation, our model and evidence… (More)

- Per Krusell, Burhanettin Kurusçu, Anthony A. Smith
- J. Economic Theory
- 2002

We consider a representative-agent equilibrium model where the consumer has quasi-geometric discounting and cannot commit to future actions. We restrict attention to a parametric class for preferences and technology and solve for time-consistent competitive equilibria globally and explicitly. We then characterize the welfare properties of competitive… (More)

We derive asset-pricing and portfolio-choice implications of a dynamic incomplete-markets model in which consumers are heterogeneous in several respects: labor income, asset wealth, and preferences. In contrast to earlier papers, we insist on at least roughly matching the model's implications for heterogeneity—notably, the equilibrium distributions of… (More)

We study the consumption-savings problem of an infinitely-lived, rational consumer who has time-inconsistent preferences in the form of quasi-geometric discounting. The consumer operates a weakly concave production function and must simply divide current resources into current consumption and savings. There is no uncertainty. A solution to the consumer's… (More)

This paper discusses methods for reducing the bias of consistent estimators that are biased in nite samples. These methods are available whenever the bias function, which relates the bias of the parameter estimates to the values of the parameters, can be estimated by computer simulation or by some other method. If so, bias can be reduced by one full order… (More)

In this paper we attempt to (i) extend the competitive equilibrium neoclassical growth model to incorporate consumer preferences that feature temptation and self-control as in the framework developed by Gul and Pesendorfer; (ii) use the model to analyze taxation and welfare; and (iii) extend and specialize the Gul-Pesendorfer temptation formulation to be… (More)

Using data from professional baseball, basketball, and hockey, we estimate the parameters of a sequential game model of best-of-n championship series controlling for measured and unmeasured differences in team strength and bootstrapping the maximum-likelihood estimates to improve their small sample properties. We find negligible strategic effects in all… (More)

We analyze a general-equilibrium asset pricing model where a small subset of the consumers/investors have a short-run " urge to save ". That is, their attitude toward consumption in the long run is a standard one—they do place zero weight on consumption far enough out in the future—but their short-run effective rates of discount may be negative. Our model,… (More)

- Shawn D St Peter, Miguel Pera, Anthony A Smith, Kevin O Leslie, Jacques Heppell
- American journal of surgery
- 2004

BACKGROUND
Our aim was to evaluate the results of wide local excision followed by split-thickness skin graft for circumferential perianal Paget's disease.
METHODS
Between 1995 and 1999, 5 patients with perianal Paget's disease underwent wide local excision of the disease. The circumferential involvement was documented by preoperative mapping. Standard… (More)