In the United States, the residential housing market went through important changes over the period from the 1970s to the mid-1990s. Although the aggregate homeownership rate was relatively constant during that period, the distribution of homeownership rates by age changed in remarkable ways....

This paper studies a model of corporate finance in which firms use stock issuance to finance investment. In contrast to the existing literature, we assume that the firm is "rational" and therefore recognizes the relationship between future dividends and stock prices. Under this assumption,...

In the United States, the residential housing market went through important changes over the period of the 1970s to the mid-1990s. Although the aggregate homeownership rate was relatively constant during that period, the distribution of homeownership rates by age changed in remarkable ways....

The US tax code stipulates taxation of capital income at the firm level (corporate profits) and at the household level (dividends and capital gains). Even though all of those are capital income taxes, they have different effects both on incentives for household savings and firm investment and in...

In the United States, the residential housing market went through important changes over the period from the 1970s to the mid-1990s. Although the aggregate homeownership rate was relatively stable during that period, the distribution of homeownership rates by age changed in remarkable ways....

We extend the standard model of general equilibrium with incomplete markets to allow for default and punishment. The equilibrating variables include expected delivery rates, along with the usual prices of assets and commodities. By reinterpreting the variables, our model encompasses a broad...