Remarks at United States Military Academy at West Point, West Point, New York.

Remarks at the University at Albany, Albany, New York.

Remarks at the Harvard Law School's Symposium on Building the Financial System of the 21st Century, Armonk, New York.

Testimony before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, United States House of Representatives, Washington, D.C.

Remarks at the University at Albany, Albany, New York.

Remarks at United States Military Academy at West Point, West Point, New York.

Testimony before the Subcommittee on Domestic Monetary Policy and Technology, Committee on Financial Services, United States House of Representatives, Washington, D.C.

Remarks at the Harvard Law School's Symposium on Building the Financial System of the 21st Century, Armonk, New York.

We document aggregate income growth uncertainty at the state level, and the extent to which this uncertainty is reduced by risksharing through financial markets and federal fiscal policy. A methodology is adopted that is closely connected to the empirical growth literature. It does not rely on...

This paper uses Hansen and Jagannathan's (1991) volatility bounds to evaluate models with idiosyncratic consumption risk. I show that idiosyncratic risk does not change the volatility bounds at all when consumers have CRRA preferences and the distribution of the idiosyncratic shock is...