Working Papers
 

• "International Capital Flows and House Prices: Theory and Evidence" (with Jack Favilukis, David Kohn, and Stijn Van Nieuwerburgh). Comments Welcome. 

• "Foreign Ownership of U.S. Safe Assets: Good or Bad?" (with Jack Favilukis and Stijn Van Nieuwerburgh). Comments Welcome. 

• "Shocks and Crashes," (with Martin Lettau). Comments Welcome. 

• "The Macroecononomic Effects of Housing Wealth, Housing Finance, and Limited Risk Sharing in General Equilibrium," (with Jack Favilukis and Stijn Van Nieuwerburgh).  Winner of best paper prize, Utah Winter Finance Conference, February 2010. Comments Welcome. 

• "An Estimation of Economic Models with Recursive Preferences" (with Xiaohong Chen and Jack Favilukis).  Comments Welcome.  

• "Investor Information, Long-Run Risk, and the Duration of Risky Cash-Flows" (with Massimiliano Croce and Martin Lettau).  Comments Welcome.  

• "Forecasting Stock Returns: New Out-of-Sample Evidence" (with Martin Lettau). The results in this paper are now available in "Consumption, Aggregate Wealth and Expected Stock Returns," Journal of Finance, 2001 June, Volume 56, No. 3, pages 815-849.

• "A Primer on the Economics and Time Series Econometrics of Wealth Effects: A Comment" (with Martin Lettau and Nathan Barczi).