Andrew B. Abel Faculty Profile

Andrew B. Abel
Ronald A. Rosenfeld Professor; Professor of Finance and Economics

PhD, Massachusetts Institute of Technology, 1978; AB, Princeton University, 1974

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.

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

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

Professional Leadership 2003-2007
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.

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).