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    Disciplines / Research questions

    Theoretical economics

    10 research topics · 26 questions

    The Equity Premium Puzzle and the Unrealistic Parameter Problem in Risk Preference Explanations3 questions

    1. Wealth inequality in a habit economy with background risk: empirical validation, higher-moment extensions, and the sign of the inequality effect on the equity premium and risk-free rate

    2. Recursive-preference re-estimation and Bayesian model comparison for the consumption CAPM in Norway, Sweden, and the UK: is near-risk-neutrality an artifact of the CRRA restriction?

    3. Identification and structural estimation of drift and jump ambiguity bounds in continuous-time multiple-priors equity-premium models

    The Debate Between Fiscal Theory of Price Level Determination and Monetarist Identification3 questions

    1. Empirical identification of price-level determination under an interest-rate target: monetary determinacy, the fiscal theory, and observational equivalence

    2. Are the fiscal and monetary (quantity-theory) theories of the price level genuinely distinct, and can they be told apart? Definitional consensus and observable identification of the price-level-determining regime

    3. Open questions from Gordon and Leeper (2006): empirical identification of the joint monetary–fiscal determination of the price level in the portfolio-choice framework

    The Forward Guidance Puzzle in Rational Expectations Models1 questions

    1. Completing the coherence theory of the New Keynesian model at the effective lower bound: non-rational expectations, endogenous attention, and continuous persistent shocks

    The Productivity Paradox and Lagged Effects in General-Purpose Technology Diffusion2 questions

    1. Lagged ICT Investment and US Industry Productivity: Estimating the Lag Structure and Separating Complementary-Capital Accumulation from Spillovers

    2. The delayed and uneven productivity payoff of general purpose technologies: quality-adjusted measurement and the sources of the invention-to-productivity lag in steam power, electrification, and ICT

    The Labor Supply Elasticity Dilemma in Real Business Cycle Models2 questions

    1. Which Frisch labor supply elasticity should a macroeconomic model be calibrated to? Resolving the retirement-endogeneity bias behind the micro-macro estimate gap

    2. The micro-macro Frisch labor supply elasticity puzzle: reconciling microeconometric estimates with macroeconomic calibration

    Whether Market Selection Is Sufficient to Eliminate Irrational Traders1 questions

    1. Endogenous information acquisition and robustness of selection in the Condie–Yoo market-selection economy with noise traders

    The Risk-Free Rate Puzzle and Intertemporal Substitution Elasticity Identification4 questions

    1. Robust identification of the elasticity of intertemporal substitution and of the mechanisms behind the flat aggregate consumption Euler equation in the US

    2. Habit-based resolution of the risk-free rate puzzle in Korea: proxy robustness, realistic consumption dynamics, and joint matching with the equity premium

    3. Why stockholders bear disproportionate long-run consumption risk: mechanisms, slow dynamics, and equilibrium reconciliation

    4. Long-Run Growth and a Stationary Wealth Distribution in the Limited-Participation, EIS-Heterogeneity Asset-Pricing Framework of Guvenen (2009)

    The Coexistence of Excessive Consumption Smoothing and Oversensitivity3 questions

    1. Robustness of the Certainty-Equivalence Rejection in the Excess Sensitivity of Aggregate Consumption

    2. Endogenizing and Validating Household Attention in Sticky-Expectations Models of Aggregate Consumption

    3. Excess sensitivity of consumption to anticipated income: genuine regularity, liquidity constraints, or a misspecification shared by the Euler-equation literature?

    Distinguishing demographic, demand and productivity mechanisms in secular stagnation3 questions

    1. Demographic dynamics and secular stagnation: decomposing the long-run roles of the demographic transition and productivity growth for future growth and real interest rates

    2. Quantifying the relative contributions of aging, inequality, deleveraging, and other secular forces to natural-rate decline and output losses at the zero lower bound

    3. Identifying and decomposing the transmission channels from population ageing to real interest rates: separating demography from policy and structural change

    The Lucas Paradox of Capital Flowing Insufficiently from Rich to Poor Countries4 questions

    1. Endogenizing Credit-Market Institutional Quality in the Matsuyama (2014) Model: Two-Way Causality Between Productivity and Institutions and the Patterns of International Capital Flows

    2. The Lucas Paradox: Why Doesn't Capital Flow from Rich to Poor Countries?

    3. The Allocation Puzzle: Explaining Why Net Capital Does Not Flow to Fast-Growing Developing Countries

    4. Extending the portfolio approach to the allocation puzzle: partial equity trade and the composition of international capital flows

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