Publications

Housing, Adjustment Costs, and Macro Dynamics, CESinfo Economic Studies, forthcoming 2011. pdf

Owner-Occupied Housing:  Life-Cycle Implications for the Household Portfolio (with Takashi Yamashita), American Economic Review, Vol. 101, May 2011.

Housing and Wealth Portfolios, in International Encyclopedia of Housing and Home, Economics/Finance section, 

          Elsevier, forthcoming, 2011.   pdf

A Model of Housing in the Presence of Adjustment Costs:  A Structural Interpretation of Habit Persistence, (with Shinobu

          Nakagawa) American Economic Review, 2008, 98:1, 474-495.   pdf

Owner-Occupied Housing and the Composition of the Household Portfolio, (with Takashi Yamashita) 

          American Economic Review, 2002,  92:1, 345-362.   pdf

The Excess Smoothness of Consumption:  Identification and Interpretation, Review of Economic Studies,

                         Vol. 60, No. 3, July 1993, pp. 651-666.   jstor

                Commentary of "Toward a Theory of Saving" by David J. Smyth, in The Economics of Saving, James H. Gapinski (ed),
                         Kluwer, 1992, pp. 93-101.

                Comment on "Ricardian Equivalence:  An Evaluation of Theory and Evidence" by Bernheim, Macroeconomics Annual,
                          Vol. 2, 1987.

                Comment on "Empirical Assessment of Present Value Relations" by Mattey and Meese, Econometric Reviews,
                          5(2), 1987, pp.247-252.

                On the Limitations of Government Borrowing:  A Framework for Empirical Testing (with James Hamilton),
                          American Economic Review, 1986.   pdf

 Excess Sensitivity of Consumption to Current Income:  Liquidity Constraints or Myopia?  

           Canadian Journal of Economics, February, 1985, pp. 117-136.  jstor    pdf

 Time Series Evidence on the Expectations Hypothesis of the Term Structure, Carnegie-Rochester

           Conference Series on Public Policy, Vol 20, Spring 1984, pp. 929-956.  science direct

 Reply to Scott F. Richard, Carnegie-Rochester Conference Series on Public Policy, 

           Vol 20, Spring 1984, pp. 243-245.

 Excess Volatility in the Financial Markets:  A Reassessment of the Empirical Evidence,

            Journal of Political Economy, Vol. 91, No. 6 (Dec., 1983)  pp. 929-956.   pdf

 The Adjustment of Consumption to Changing Expectations About Future Income,

            Journal of Political Economy, Vol., 89, No. 5 (Oct., 1981), pp. 974-1009.  pdf

Working Papers

               Owner-Occupied Housing:  The Role of Collateral Constraints on the Household Portfolio (with Takashi Yamashita), working paper, October 2011. pdf

            Housing, Adjustment Costs, and Endogenous Risk Aversion, working paper, July 2010

Robust Estimation of the Joint Consumption/Asset Demand Decision, 

              NBER working paper 7011, 1999.     pdf