It is generally accepted that convergence is well established for Canadian regional outputs. Another prevalent belief is that the Canadian regions respond symmetrically to the same aggregate shocks. A common trends - common cycles decomposition of Canadian regional outputs casts doubt on the...

There is much research on consumption-savings problems with risky labor income and a constant interest rate and also on portfolio allocation with risky returns but nonstochastic labor income. Less is known quantitatively about the interaction between the two forms of risk. Under CRRA utility,...

There is much research on consumption-savings problems with risky labor income and a constant interest rate and also on portfolio allocation with risky returns but nonstochastic labor income. Less is known quantitatively about the interaction between the two forms of risk. Under CRRA utility,...