Pierre-Olivier Gourinchas

TL;DR: In this paper, a structural model of optimal life-cycle consumption expenditures in the presence of realistic labor income uncertainty is proposed. But the model is not suitable for the general population.

TL;DR: The authors employed cohort technique and consumer expenditure survey data to construct average age-profiles of consumption and income over the working lives of typical households across different education and occupation groups, using these profiles, they estimate a structural model of optimal life-cycle consumption expenditures in the presence of realistic labour income uncertainty.

TL;DR: A discrete-choice panel analysis using 1973-2010 data suggests that domestic credit expansion and real currency appreciation have been the most robust and significant predictors of financial crises, regardless of whether a country is emerging or advanced as discussed by the authors.

TL;DR: The authors rationalizes these facts as an equilibrium outcome when different regions of the world differ in their capacity to generate financial assets from real investments, and extends the basic model generate exchange rate and foreign direct investment excess returns broadly consistent with the recent trends in these variables.

TL;DR: This paper employed cohort technique and consumer expenditure survey data to construct average age-profiles of consumption and income over the working lives of typical households across different education and occupation groups, using these profiles, they estimate a structural model of optimal life-cycle consumption expenditures in the presence of realistic labour income uncertainty.