Standard measures of competitive toughness fail to capture the fact that, as consumers optimize intertemporally, firms operating today compete with (as yet non-existent) businesses, which will be ...

Citations: Vissing-Jorgensen, Annette. 2002. Limited Stock Market Participation and the Elasticity of Intertemporal Substitution. Journal of Political Economy. (4)825-853.

Empirical evidence for small developed economies finds that consumption is procyclical and as volatile as output, and real net exports are coutercyclical. Earlier studies have not been able to ...

We solve and estimate a dynamic model that allows agents to optimally choose their labor hours and consumption and that allows for both human capital accumulation and savings. Estimation results and ...