Research Areas
Macroeconomics; saving and investment; monetary economics; asset pricing; social security
Current Projects
Using general equilibrium asset pricing models to understand behavior of asset returns. Developing stochastic models of capital investment with various forms of adjustment costs. Analyzing social security and its effects on the economy.
Representative Publications
(with B.S. Bernanke)
Macroeconomics. Addison-Wesley Publishing,
Co., 1992; 2nd edition, 1995; 3rd edition, 1998;
4th edition, 2001.
"Risk Premia and Term Premia in General
Equilibrium." Journal of Monetary Economics
43.1 (February 1999).
"The Effects of Investing Social Security Funds in
the Stock Market When Fixed Costs Prevent Some
Household from Holding Stocks." American
Economic Review 91.1 (March 2001).
Education
PhD, Massachusetts Institute of Technology, 1978; AB, Princeton University, 1974
Career and Recent Professional Awards; Teaching Awards
Fellow, Econometric Society, 1991; John Kenneth Galbraith Award, Harvard University, 1984; MBA Core Curriculum Cluster Award, 1996-97
Academic Positions Held
Wharton: 1986-present (named Ronald A. Rosenfeld Professor, 2003; Robert Morris Professor of Banking, 1989; Ronald O. Perelman Professor of Finance, 1988-89; Amoco Term Professor of Finance, 1986-88). Previous appointments: Harvard University; University of Chicago. Visiting appointments: Tel Aviv University; The Hebrew University of Jerusalem
Other Positions
Member, Long-Term Modeling Group, Congressional Budget Office, 2001-present; Member Panel of Economic Advisers, Congressional Budget Office, 2001-present; Member, Technical Panel on Assumptions and Methods, Social Security Advisory Board, 1999; Visiting Scholar, Federal Reserve Bank of Philadelphia, 1989-92; Economic Consultant, Bank of Portugal, 1976
Professional Leadership 2005-2009
Editorial Board, Journal of Money, Credit, and Banking, 1993-present; Editorial Board, Federal Reserve Bank of New York Economic Policy Review, 1994-present; Advisory Board, Carnegie-Rochester Conference Series on Public Policy, 1990-present.
