This paper specifies a model of a two-stage sequential investment where the stages take time to complete. It presents algebraic solutions for an individual firm's optimal sequential investment with costless suspension, without suspension, in the intermediate case of costly suspension, and for...

Although there has been extensive analysis of the timing of investment, the intensity of investment has received far less attention. This paper analyzes both. For incremental investment, the intensity of investment proceeds as does timing in the fixed intensity new-view models. For lumpy...

We argue that one major cause of the U.S. postwar baby boom was the increased demand for female labor during World War II. We develop a quantitative dynamic general equilibrium model with endogenous fertility and female labor-force participation decisions. We use the model to assess the...

We argue that one major cause of the U.S. postwar baby boom was the rise in female labor supply during World War II. We develop a quantitative dynamic general equilibrium model with endogenous fertility and female labor force participation decisions. We use the model to assess the impact of the...