In this paper we study the implications of general-purpose technological growth for asset prices. The model features two types of shocks: "small", frequent, and disembodied shocks to productivity and "large" technological innovations, which are embodied into new vintages of the capital stock....

We develop a tractable asset-pricing framework characterized by imperfect risk sharing among cohorts, who experience different levels of integrated life-time endowments. While all asset-pricing implications stem from the heterogeneity of consumption among investors, cross-sectional measures of...

In this paper we study the implications of general-purpose technological growth for asset prices. The model features two types of shocks: "small", frequent, and disembodied shocks to productivity and "large" technological innovations, which are embodied into new vintages of the capital stock....

This dissertation consists of three essays in empirical labor and health economics. The first chapter examines how the amount of time devoted to a leisure activity varies in response to temporary changes in the price of that activity. Specifically, I estimate the effect of changes in expected...

The first chapter studies Entrepreneurship and the Stigma of Failure. Entrepreneurial activity varies substantially across countries and sectors and appears to be related to the stigma of failure. To understand this phenomenon, I present a multiple-equilibrium model based on endogenous stigma of...

This dissertation consists of three essays which examine the impact of public policy on labor market outcomes of those with disabilities. The first essay analyzes a microlending program for people with disabilities in India. People with disabilities are disproportionately represented among the...

This dissertation consists of three chapters. The first chapter explores the effect of Wal-Mart expansion on local retail employment. The phenomenal expansion of Wal-Mart provides a clean case for studying the labor-market effects of increased efficiency. I estimate the effect of Wal-Mart entry...

In the first chapter, I demonstrate that banks play a special role in the transmission mechanism of monetary policy, and that this role potentialy explains the excessive sensitivity and asymmetric response of the real economy to small and temporary changes in interest rates. While banks exploit...