Education:

B.A., International Affairs, American College in Paris - 1979

M.A., Economics, University of Miami - 1980

Ph.D., Economics, University of Virginia - 1987

Areas of Research: 

Macroeconomics, Growth, Risk and Uncertainty   

Areas of Teaching:

Macroeconomics, International Macroeconomics

Publications:

"Do Environmental, Social and Governance Practices affect Portfolio Returns? Evidence from the US Stock Market from 2002 to 2020,” with Johannes Dreyer, Mateus Moreira, and Vivek Sharma, forthcoming, Review of Accounting & Finance (2022).

“Warm-glow Investment and the Underperformance of Green Stocks,” with Johannes Dreyer and Vivek Sharma, International Review of Economics & Finance 83 (2023): 546-570.

“The Optimal Hedging Ratio: A Closed-form Solution, a Conjecture, and a Challenge,” forthcoming, Economics Bulletin (2022).

“Warm-glow Preference: A Natural Catalyst for the Green Transition,” with Johannes Dreyer, forthcoming in Measuring Sustainability and CSR: Reporting to Decision Making, edited by S. Kacanski, J. Dreyer, and K. Sund, Ethical Economy: A Springer Book Series (2022).

“Saving-based Asset-pricing and Leisure,” with Johannes Dreyer, Annals of Economics & Finance, 21.2 (2020): 507-526.

“Changes in Risk and Strategic Interaction,” with Diego Nocetti, Journal of Mathematical Economics, 56 (2015): 37 – 46.

“The Discriminating Beta: Prices and Capacity with Correlated Demands,” with Catherine Eckel, Southern Economic Journal, 81 (2014): 56-67.

“The Effects of Wage Volatility on Growth,” with Michael Jetter and Olexander Nikolsko-Rzhevskyy Journal of Macroeconomics, 37 (2013): 93-109.

“Saving-Based Asset Pricing,” with Johannes Dyer and Johannes Schneider, Journal of Banking &  Finance 37 (2013), 3704-3715.

“A New Look at the Determinants of the Ecological Discount Rate: Disentangling Social Preferences,” with Luciana Echazu and Diego Nocetti, B.E. Journal of Economic Analysis & Policy, Advances (2012).

“Price Uncertainty, Saving, and Welfare,” with Diego Nocetti, Journal of Economic Dynamics & Control 35 (2011): 1139-1149.

“Precautionary Saving and Endogenous Labor Supply with and without Expected Utility,” with Diego Nocetti, Journal of Money, Credit & Banking 43 (2011): 1475-1504.

“Uncertainty, the Demand for Health Care, and Precautionary Savings,” with Diego Nocetti, B.E. Journal of Economic Analysis & Policy 10 (2010).

“Time Diversification: Definitions and Some Closed-form Solutions,” with Kee Chung and Tao Wu, Journal of Banking & Finance 33 (2009): 1101-1111.

“The Spirit of Capitalism, Precautionary Savings, and Consumption,” with Yulei Luo and Heng-fu Zou,” Journal of Money, Credit, & Banking 41 (2009): 543-554.

“The Monetary Transmission Mechanism of a Small Open Economy with Sweeping Financial Reforms: The Case of Korea,” with Young Seob Son and C.S. Pyun, Multinational Business Review 17.4 (2009): 1 – 20.

“The Spirit of Capitalism and Excess Smoothness,” with Yulei Luo and Heng-fu Zou, Annals of Economics & Finance 10 (2008): 281-301.

“Inspecting the Mechanism Exactly: A Closed-form Solution to a Stochastic Growth Model,” BE Contributions to Macroeconomics (August 2007), http://www.bepress.com/bejm/contributions/vol17/iss1/art30.

“Consumption and Risk with Hyperbolic Discounting,” with Heng-Fu Zou and Liutang Gong, Economics Letters 96 (2007): 153-160.

“Asset Pricing with Multiplicative Habits and Power-expo Preferences,” with Richard Zhang, Economics Letters March (2007): 319-325.

“Hyperbolic Discounting and Asset-Pricing,” with Heng-Fu Zou and Liutang Gong, Annals of Economics & Finance 8 (2007): 397-414

“Why Do Pooled Forecasts Do Better Than Individual Forecasts? An Alternative Explanation,” with Diego Nocetti, Economics Bulletin, Vol. 4, No. 36 (2006), posted on October 25, 2006 at http://economicsbulletin.vanderbilt.edu.

“Equilibrium Consumption and Precautionary Savings in a Stochastically Growing Economy,” with Steve Turnovsky, Journal of Economic Dynamics and Control 30 (2006): 243-278.

“A Closed Form Solution to the Ramsey Model,” BE Contributions to Macroeconomics (January 2006) http://www.bepress.com/bejm/contributions/vol16/iss1/art3/

“Fertility, Volatility, and Growth,” with Aude Pommeret, Economics Letters 87 (2005), 347-353.

“Currency Devaluation and Contractionary Policy in a Currency Crisis: A Supply-Side Approach,” with Chong Soo Pyun and Young Seob Son, Global Business & Finance Review 10 (2005): 17-25.

“Can the Desire to Conserve Our Natural Resources Be Self-defeating?” with Young Seob Son, Journal of Environmental Economics and Management 49 (2005): 52-67.

“But Can She Cook? Women’s Education and Housework Productivity,” with David Sharp, Julia Heath, and David Knowlton, Economics of Education Review 23 (2004): 605-614.

“Consumption and Saving With Habit Formation and Durability,” Economics Letters 75 (2002): 369-375.

“Marshallian Recursive Preferences and Growth,” with Michael Gootzeit and Johannes Schneider, Journal of Economic Behavior & Organization 49 (2002): 381-404.

“Shipping the Good Times Out: A Note on Apples and Donations of Time and Money,” Economics Bulletin Vol. 10, No. 1, pp. 1-14 (2002). You can find this was posted on January 22, 2002 at http://economicsbulletin.vanderbilt.edu.

“How Does the Spirit of Capitalism Affect Stock-Market Prices?” Review of Financial Studies 14 (2001): 1215-1232.

“The Calculus of Fear: Revolution, Repression, and the Rational Peasant,” with Julia Heath, David Mason, and Joseph Weingarten, Social Sciences Quarterly 81 (1999).

“Risk, the Spirit of Capitalism and Growth: the Implications of a Preference for Capital,” Journal of Macroeconomics 21 (1999), pp. 241-262.

“Birth, Death and Consumption: Overlapping Generations and the Random Walk Hypothesis,” International Economic Journal 23 (1998), pp. 105-116.

“The Treatment of Medical Indebtedness in Personal Bankruptcy,” with Dennis Wilson, John Rogers, and Cyril Chang, Journal of Economics 23 (1997).