While a fast-growing body of research has looked at how the advent anddiffusion of e- commerce has affected prices, much less work hasinvestigated e-commerce's impact on the number and type of firmsoperating in an industry. This paper theoretically and empirically takesup the question of which...

We develop a method for measuring the amount of insurance the portfolio of government liabilities provides against scal shocks, and apply it to postwar US data. We dene scal shocks as surprises in defense spending. Our results indicate that the US federal government is partially hedged against...

We study a two-sector general equilibrium model of housing andnon-housing production where heterogenous households face limitedopportunities to insure against aggregate and idiosyncratic risks. Themodel generates large variability in the national house price-rentratio, both because it fluctuates...