is characterized by several years of expansion in private consumption and a gradual appreciation of the real exchange … be accompanied by a decline in consumption. I show that this price-consumption problem can be resolved by relaxing the … boom in consumption and gradual real exchange rate appreciation. A temporary program induces, in addition, a smooth boom …

utility functions are not concave-shaped but S-shaped. We justify the S shape using consumption-based asset pricing. We show … that various consumption-based asset pricing puzzles arise from the global concavity of the utility functions, and the S …-shaped consumption utility offers a solution. Also, the S-shaped utility helps explain the low elasticity of intertemporal substitution …

risk averse anymore even if utility from divisible consumption is concave. I propose a definition of insurance in the … mehr risikoscheu, auch wenn der Nutzen aus dem teilbaren Konsum konkav ist. Ich schlage eine Definition von Versicherung im …Some consumption opportunities are both indivisible and only valuable in particular tates of nature. The existence of …

general, people are not risk averse anymore even if utility from divisible consumption is concave. I propose a definition of …Some consumption opportunities, e.g. medical treatments, are both indivisible and only valuable in particular states of … nature. The existence of such state-dependent indivisible consumption opportunities influences a person's risk attitudes. In …