In this paper we analyze the roles and interrelationships between school inputs and parental inputs in affecting child outcomes in the U.S. We investigate the interactions among and endogeneity of these inputs in the production of child outcomes by specifying and estimating a behavioral model of...

This paper explores the issue of understanding time-varying relative risk aversion with household-level data. First, we derive an analytic form for a parsimonious portfolio choice model with the preference given by Greenwood, Hercowitz and Huffman (1988, GHH), and then, the analytical solution...

This paper studies the concavity of the consumption function of a habit-forming consumer with convex absolute risk tolerance. I show that the consumer's consumption function can be convex when young and becomes concave when old, contrary to the results of a standard consumptionsaving model with...

This paper contains the first cross-country comparison of the cyclical behaviour of real wages using microdata. After controlling for changes in labour quality, I find that real wages are strongly procyclical in Canada, the United Kingdom, and the United States. In contrast, the cyclicality of...