Details about Andrew Abel

E-mail:
Homepage:	http://finance.wharton.upenn.edu/~abel
Workplace:	Finance Department, Wharton School of Business, University of Pennsylvania, (more information at EDIRC)

Access statistics for papers by Andrew Abel.

Last updated 2012-10-24. Update your information in the RePEc Author Service.

Short-id: pab10

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Jump to Journal Articles Chapters

Working Papers

2022

1. Running Primary Deficits Forever in a Dynamically Efficient Economy: Feasibility and Optimality
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)

2020

2. An Analytic Framework For Interpreting Investment Regressions In The Presence Of Financial Constraints
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
3. Precautionary Saving in a Financially-Constrained Firm
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
4. Social Distancing, Vaccination and the Paradoxical Optimality of an Endemic Equilibrium
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)

2015

5. Crowding Out in Ricardian Economies
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
6. Optimal Debt and Profitability in the Tradeoff Theory
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
7. The Analytics of Investment, q, and Cash Flow
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)

2011

8. Optimal Inattention to the Stock Market with Information Costs and Transactions Costs
   2011 Meeting Papers, Society for Economic Dynamics View citations (1)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2009) View citations (31)

2010

9. Asset prices under habit formation and catching up with the Jones
   Levine's Working Paper Archive, David K. Levine View citations (6)
   Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
   Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (975)
   Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research (1990) View citations (1263)
   NBER Working Papers, National Bureau of Economic Research, Inc (1990) View citations (1290)
   See also Journal Article in American Economic Review (1990)

2007

10. Optimal Capital Income Taxation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (33)

2006

11. Equity Premia with Benchmark Levels of Consumption: Closed-Form Results
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)

2004

12. Q Theory Without Adjustment Costs & Cash Flow Effects Without Financing Constraints
    2004 Meeting Papers, Society for Economic Dynamics View citations (31)

2003

13. Optimal Taxation When Consumers Have Endogenous Benchmark Levels of Consumption
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)

2002

14. The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2002) View citations (24)
    See also Journal Article in Econometrica (2003)

2001

15. An Exploration of the Effects of Pessimism and Doubt on Asset Returns
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2001) View citations (8)
    See also Journal Article in Journal of Economic Dynamics and Control (2002)
16. On the Invariance of the Rate of Return to Convex Adjustment Costs
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2001) View citations (3)
    See also Journal Article in Review of Economic Dynamics (2002)
17. Will Bequests Attenuate the Predicted Meltdown in Stock Prices When Baby Boomers Retire?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (136)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2001) View citations (135)
    See also Journal Article in The Review of Economics and Statistics (2001)

2000

18. The Effects of Investing Social Security Funds in the Stock Market When Fixed Costs Prevent Some Households from Holding Stocks
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (3)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (3)
    See also Journal Article in American Economic Review (2001)

1999

19. The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (9)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (14)
    See also Chapter (2001)

1998

20. Risk Premia and Term Premia in General Equilibrium
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
    See also Journal Article in Journal of Monetary Economics (1999)

1997

21. The Mix and Scale of Factors with Irreversibility and Fixed Costs of Investment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
    See also Journal Article in Carnegie-Rochester Conference Series on Public Policy (1998)

1995

22. Optimal Investment with Costly Reversibility
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (36)
23. Options, the Value of Capital, and Investment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (81)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (142)
    Working papers, Massachusetts Institute of Technology (MIT), Sloan School of Management (1995) View citations (13)
24. The Effects of Irreversibility and Uncertainty on Capital Accumulation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (26)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (15)
    See also Journal Article in Journal of Monetary Economics (1999)

1993

25. A Unified Model of Investment Under Uncertainty
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (35)
    See also Journal Article in American Economic Review (1994)
26. An Exact Soultion for the Investment and Market Value of a Firm Facing Uncertainty, Adjustment Costs, and Irreversibility
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (9)

1992

27. Exact Solutions for Expected Rates of Return Under Markov Regime Switching: Implications for the Equity Premium Puzzle
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (4)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (4)
    See also Journal Article in Journal of Money, Credit and Banking (1994)

1990

28. FINANCING LOSERS IN COMPETITIVE MARKETS
    Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
    See also Journal Article in Journal of Financial Intermediation (1994)

1989

29. Birth, Death and Taxes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (6)
    See also Journal Article in Journal of Public Economics (1989)

1988

30. Consumption and Investment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (23)
    See also Chapter (1990)
31. Does the Consumption of Different Age Groups Move Together? A New Nonparametric Test of Intergenerational Altruism
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
32. Fiscal Policy With Impure Intergenerational Altruism
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article in Econometrica (1991)
33. Stock Prices Under Time-Varying Dividend Risk: An Exact Solution In An Infinite-Horizon General Equilibrium Model
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (90)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (64)
    See also Journal Article in Journal of Monetary Economics (1988)
34. The Implications of Insurance for the Efficacy of Fiscal Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (10)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (10)

1987

35. An Analysis of Fiscal Policy Under Operative and Inoperative Bequest Motives
    NBER Working Papers, National Bureau of Economic Research, Inc
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
36. Operative Gift and Bequest Motives
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (59)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (55)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (59)
    See also Journal Article in American Economic Review (1987)
37. Optimal Monetary Growth
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (53)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (46)
    See also Journal Article in Journal of Monetary Economics (1987)
38. Specification of the Joy of Giving: Insights from Altruism
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (2)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (2)
    See also Journal Article in The Review of Economics and Statistics (1988)

1986

39. Aggregate Savings in the Presence of Private and Social Insurance
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
40. Assessing Dynamic Efficiency: Theory and Evidence
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (179)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (1)
41. Investment and Sales: Some Empirical Evidence
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (24)
    Also in Working papers, Massachusetts Institute of Technology (MIT), Department of Economics (1986) View citations (21)
42. The Failure of Ricardian Equivalence Under Progressive Wealth Taxation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (7)
    See also Journal Article in Journal of Public Economics (1986)

1985

43. Capital Accumulation and Uncertain Lifetimes with Adverse Selection
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article in Econometrica (1986)
44. Dynamic Behavior of Capital Accumulation in a Cash-in-Advance Model
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (95)
    See also Journal Article in Journal of Monetary Economics (1985)
45. Inventories, Stock-Outs, and Production Smoothing
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (31)

1984

46. A Stochastic Model of Investment, Marginal q and the Market Value of theFirm
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article in International Economic Review (1985)
47. Bequests and Social Security With Uncertain Lifetimes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)

1983

48. The Present Value of Profits and Cyclical Movements in Investment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
    See also Journal Article in Econometrica (1986)

1982

49. An Intertemporal Model of Saving and Investment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (72)
    See also Journal Article in Econometrica (1983)

1981

50. An Integrated View of Tests of Rationality, Market Efficiency, and the Short-Run Neutrality of Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)
    See also Journal Article in Journal of Monetary Economics (1983)

1980

51. Accelerated Depreciation and the Efficacy of Temporary Fiscal Policy: Implications for an Inflationary Economy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article in Journal of Public Economics (1982)

Undated

52. Asset Prices Under Heterogenous Beliefs: Implications for the Equity Premium
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (17)
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations (20)
53. Fiscal Policy with Impure Intergenerational Altruism (Reprint 011)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research

Journal Articles

2007

1. Optimal Inattention to the Stock Market
   American Economic Review, 2007, 97, (2), 244-249 View citations (73)

2003

2. The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security
   Econometrica, 2003, 71, (2), 551-578 View citations (156)
   See also Working Paper (2002)

2002

3. An exploration of the effects of pessimism and doubt on asset returns
   Journal of Economic Dynamics and Control, 2002, 26, (7-8), 1075-1092 View citations (96)
   See also Working Paper (2001)
4. On the Invariance of the Rate of Return to Convex Adjustment Costs
   Review of Economic Dynamics, 2002, 5, (3), 586-601 View citations (9)
   See also Working Paper (2001)

2001

5. The Effects of Investing Social Security Funds in the Stock Market When Fixed Costs Prevent Some Households from Holding Stocks
   American Economic Review, 2001, 91, (1), 128-148 View citations (40)
   See also Working Paper (2000)
6. Will Bequests Attenuate The Predicted Meltdown In Stock Prices When Baby Boomers Retire?
   The Review of Economics and Statistics, 2001, 83, (4), 589-595 View citations (136)
   See also Working Paper (2001)

1999

7. Risk premia and term premia in general equilibrium
   Journal of Monetary Economics, 1999, 43, (1), 3-33 View citations (354)
   See also Working Paper (1998)
8. The effects of irreversibility and uncertainty on capital accumulation
   Journal of Monetary Economics, 1999, 44, (3), 339-377 View citations (109)
   See also Working Paper (1995)

1998

9. The mix and scale of factors with irreversibility and fixed costs of investment
   Carnegie-Rochester Conference Series on Public Policy, 1998, 48, (1), 101-135 View citations (37)
   See also Working Paper (1997)

1997

10. An exact solution for the investment and value of a firm facing uncertainty, adjustment costs, and irreversibility
    Journal of Economic Dynamics and Control, 1997, 21, (4-5), 831-852 View citations (60)

1994

11. A Unified Model of Investment under Uncertainty
    American Economic Review, 1994, 84, (5), 1369-84 View citations (422)
    See also Working Paper (1993)
12. Exact Solutions for Expected Rates of Return under Markov Regime Switching: Implications for the Equity Premium Puzzle
    Journal of Money, Credit and Banking, 1994, 26, (3), 345-61 View citations (28)
    See also Working Paper (1992)
13. Financing Losers in Competitive Markets
    Journal of Financial Intermediation, 1994, 3, (2), 139-165 View citations (2)
    See also Working Paper (1990)

1992

14. Can the government roll over its debt forever?
    Business Review, 1992, (Nov), 3-18 View citations (2)

1991

15. Fiscal Policy with Impure Intergenerational Altruism
    Econometrica, 1991, 59, (6), 1687-1711 View citations (23)
    See also Working Paper (1988)
16. Some observations on demographics and saving: A comment
    Carnegie-Rochester Conference Series on Public Policy, 1991, 34, (1), 157-162
17. The equity premium puzzle
    Business Review, 1991, (Sep), 3-14 View citations (11)

1990

18. Asset Prices under Habit Formation and Catching Up with the Joneses
    American Economic Review, 1990, 80, (2), 38-42 View citations (1328)
    See also Working Paper (2010)

1989

19. Birth, death and taxes
    Journal of Public Economics, 1989, 39, (1), 1-15 View citations (4)
    See also Working Paper (1989)

1988

20. Specification of the Joy of Giving: Insights from Altruism
    The Review of Economics and Statistics, 1988, 70, (1), 145-49 View citations (59)
    See also Working Paper (1987)
21. Stock prices under time-varying dividend risk: An exact solution in an infinite-horizon general equilibrium model
    Journal of Monetary Economics, 1988, 22, (3), 375-393 View citations (106)
    See also Working Paper (1988)

1987

22. Operative Gift and Bequest Motives
    American Economic Review, 1987, 77, (5), 1037-47 View citations (68)
    See also Working Paper (1987)
23. Optimal monetary growth
    Journal of Monetary Economics, 1987, 19, (3), 437-450 View citations (53)
    See also Working Paper (1987)

1986

24. Capital Accumulation and Uncertain Lifetimes with Adverse Selection
    Econometrica, 1986, 54, (5), 1079-97 View citations (100)
    See also Working Paper (1985)
25. The Effect of Annuity Insurance and Savings and Inequality: Comment
    Journal of Labor Economics, 1986, 4, (3), S208-15
26. The Present Value of Profits and Cyclical Movements in Investment
    Econometrica, 1986, 54, (2), 249-73 View citations (295)
    See also Working Paper (1983)
27. The failure of Ricardian equivalence under progressive wealth taxation
    Journal of Public Economics, 1986, 30, (1), 117-128 View citations (9)
    See also Working Paper (1986)

1985

28. A Stochastic Model of Investment, Marginal q and the Market Value of the Firm
    International Economic Review, 1985, 26, (2), 305-22 View citations (54)
    See also Working Paper (1984)
29. Dynamic behavior of capital accumulation in a cash-in-advance model
    Journal of Monetary Economics, 1985, 16, (1), 55-71 View citations (107)
    See also Working Paper (1985)
30. Precautionary Saving and Accidental Bequests
    American Economic Review, 1985, 75, (4), 777-91 View citations (169)

1984

31. The effects of uncertainty on investment and the expected long-run capital stock
    Journal of Economic Dynamics and Control, 1984, 7, (1), 39-53 View citations (18)

1983

32. An Intertemporal Model of Saving and Investment
    Econometrica, 1983, 51, (3), 675-92 View citations (159)
    See also Working Paper (1982)
33. An integrated view of tests of rationality, market efficiency and the short-run neutrality of monetary policy
    Journal of Monetary Economics, 1983, 11, (1), 3-24 View citations (31)
    See also Working Paper (1981)
34. Energy Price Uncertainty and Optimal Factor Intensity: A Mean-Variance Analysis
    Econometrica, 1983, 51, (6), 1839-45 View citations (8)
35. On the Econometric Testing of Rationality-Market Efficiency
    The Review of Economics and Statistics, 1983, 65, (2), 318-23 View citations (7)
36. Optimal Investment under Uncertainty
    American Economic Review, 1983, 73, (1), 228-33 View citations (616)

1982

37. Accelerated depreciation and the efficacy of temporary fiscal policy: Implications for an inflationary economy
    Journal of Public Economics, 1982, 19, (1), 23-47 View citations (3)
    See also Working Paper (1980)
38. Dynamic effects of permanent and temporary tax policies in a q model of investment
    Journal of Monetary Economics, 1982, 9, (3), 353-373 View citations (115)

1981

39. Dynamic Adjustment in a Putty-Putty Model: Implications for Testing the Putty-Clay Hypothesis
    International Economic Review, 1981, 22, (1), 19-36 View citations (1)
40. Taxes, Inflation, and the Durability of Capital
    Journal of Political Economy, 1981, 89, (3), 548-60 View citations (12)

1980

41. Empirical investment equations: An integrative framework
    Carnegie-Rochester Conference Series on Public Policy, 1980, 12, (1), 39-91 View citations (107)
42. Reply to Prescott's comment
    Carnegie-Rochester Conference Series on Public Policy, 1980, 12, (1), 103-106

1979

43. Money demand during hyperinflation
    Journal of Monetary Economics, 1979, 5, (1), 97-104 View citations (28)

1978

44. Input-output pricing in a Keynesian model as applied to Portugal
    Journal of Development Economics, 1978, 5, (2), 125-138

Chapters

2001

1. The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation
   A chapter in Risk Aspects of Investment-Based Social Security Reform, 2001, pp 153-202 View citations (11)
   See also Working Paper (1999)

1990

2. Consumption and investment
   Chapter 14 in Handbook of Monetary Economics, 1990, vol. 2, pp 725-778 View citations (57)
   See also Working Paper (1988)

1984

3. R&D and the Market Value of the Firm: A Note
   A chapter in R&D, Patents, and Productivity, 1984, pp 261-270 View citations (7)

1975

4. A Comparison of Three Control Algorithms as Applied to the Monetarist-Fiscalist Debate
   A chapter in Annals of Economic and Social Measurement, Volume 4, number 2, 1975, pp 239-252 View citations (3)