• Publications
  • Influence
Asset Pricing
The NBER’s Asset Pricing Program was created in 1991. Today, it has more than 130 members who present and discuss their research findings at three annual meetings. These meetings take place in theExpand
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Investor Diversification and International Equity Markets
The benefits of international diversification have been recognized for decades. In spite of this, most investors hold nearly all of their wealth in domestic assets. In this paper, we construct newExpand
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Tax Subsidies to Owner-Occupied Housing: An Asset-Market Approach
Inflation reduces the effective cost of homeownership and raises the tax subsidy to owner occupation. This paper presents an asset-market model of the housing market and estimates how changes in theExpand
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New Evidence on the Money's Worth of Individual Annuities
This paper presents new information on the expected present discounted value of payouts on individual life annuities. The annuity we examine is the single premium immediate life annuity, an insuranceExpand
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An aging society: opportunity or challenge?
"This paper steps back from the current political debate [in the United States] over the social security trust fund and examines the more general question of how serious a macroeconomic problem agingExpand
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Stock Market Wealth and Consumption
This paper explores the link between changes in the aggregate value of corporate stock and changes in consumer spending. It presents data on the distribution of corporate stock ownership based on theExpand
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State Responses to Fiscal Crises: The Effects of Budgetary Institutions and Politics
  • J. Poterba
  • Economics
  • Journal of Political Economy
  • 1 August 1994
This paper explores the dynamics of state taxes and spending during the late 1980s, when regional economic downturns and increased expenditure demands led to substantial state budget deficits. MoreExpand
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Demographic Structure and Asset Returns
  • J. Poterba
  • Economics
  • Review of Economics and Statistics
  • 1 November 2001
This paper investigates the association between population age structure, particularly the share of the population in the prime saving years (40 to 64), and the returns on stocks and bonds. The paperExpand
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Taxation and Housing: Old Questions, New Answers
This paper sketches how the tax reforms of the 1980s affected the incentives and distortions associated with tax policy toward housing markets. There are three principal conclusions. (1) ReductionsExpand
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What moves stock prices?
This paper estimates the fraction of the variance in aggregate stock returns that can be attributed to various kinds of news. First, we consider macroeconomic news and show that it is difficult toExpand
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