Smoothing with Liquid and Illiquid Assets

Bank Runs, Deposit Insurance, and Liquidity

1983 • 8,993 citations

The Econometrics of Financial Markets

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The equity premium: A puzzle

1985 • 5,686 citations

Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework

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Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models

1984 • 2,013 citations

Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models

1982 • 1,846 citations

Recursive Macroeconomic Theory

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Consumption Over the Life Cycle

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Private and Public Supply of Liquidity

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Precautionary Saving in the Small and in the Large

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Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis

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The equity premium puzzle and the risk-free rate puzzle

1989 • 1,394 citations

A Theory of Bank Capital

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Capital Market Equilibrium with Transaction Costs

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Over-the-Counter Markets

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The Equity Premium Puzzle and the Riskfree Rate Puzzle

1989 • 1,038 citations

The Equity Premium: It's Still a Puzzle

1996 • 882 citations

Optimal Life‐Cycle Asset Allocation: Understanding the Empirical Evidence

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Wealth Inequality and Intergenerational Links

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Evaluating the Effects of Incomplete Markets on Risk Sharing and Asset Pricing

1996 • 683 citations

Consumption and risk sharing over the life cycle

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The Paradox of Liquidity

1998 • 670 citations

Evaluating the effects of incomplete markets on risk sharing nad asset pricing

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Liquidity, Maturity, and the Yields on U.S. Treasury Securities

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How Important Is Precautionary Saving?

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Models of Monetary Economies.

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Market Microstructure and Asset Pricing: On the Compensation for Market Illiquidity in Stock Returns

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Long-Term Debt and Optimal Policy in the Fiscal Theory of the Price Level

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LAPM: A Liquidity‐Based Asset Pricing Model

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Asset returns with transactions costs and uninsured individual risk

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Portfolio Choice and Liquidity Constraints*

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Liquidity Risk, Liquidity Creation and Financial Fragility: A Theory of Banking

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Liquidity shocks and equilibrium liquidity premia

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Equilibrium interest rate and liquidity premium with transaction costs

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The Paradox of Liquidity

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Contributions to mathematical economics in honor of Gérard Debreu

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Life-Cycle Portfolio Choice with Additive Habit Formation Preferences and Uninsurable Labor Income Risk

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Household Portfolios: An International Comparison

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Asset Pricing Explorations for Macroeconomics

1992 • 94 citations

Financial Fragility, Liquidity, and Asset Prices

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Understanding Consumption

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Stochastic inflation and the equity premium

1989 • 78 citations

Who Should Buy Long-Term Bonds?

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Modeling Aggregate Liquidity

1996 • 76 citations

Liquidity of secondary capital markets: Allocative efficiency and the maturity composition of the capital stock

1996 • 52 citations

Liquidity, Business Cycles and Monetary Policy (Clarendon Lectures 2)

2001 • 51 citations

Instruments of the money market

1993 • 45 citations

Portfolio Choice and Liquidity Constraints

2000 • 41 citations

Liquidity of the treasury bill market and the term structure of interest rates

1998 • 27 citations

Life-Cycle Asset Allocation: A Model with Borrowing Constraints, Uninsurable Labor Income Risk and Stock-Market Participation Costs

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Valuation in Dynamic Bargaining Markets

2001 • 15 citations

A clarification: Using the growth model to account for fluctuations

1984 • 13 citations

Smoothing with Liquid and Illiquid Assets

2003 • 5 citations