In this paper, we investigate the implications of non-separable preferences over durable and nondurable consumption for asset pricing tests when adjusting durable consumption is costly. In an economy without adjustment costs, in which a frictionless rental market exists for the durable good, the standard Euler equation with respect to nondurable consumption will hold for each individual agent a...

This paper exploits the Brexit referendum as a quasi-natural experiment to investigate effect of exchange rate and uncertainty shocks on export volumes, prices, entry exit. We use transaction-level data for universe exporters in Portugal. Using monthly observations quantity price products exported by same firm buyers UK other countries allows us cleanly identify differential response shock mark...

PURPOSE This study examined the association between cognitive functioning and completion of a durable power of attorney for health care. DESIGN AND METHODS Participants were from the Second Longitudinal Study on Aging (LSOA II), a nationally representative sample of community-dwelling persons who were at least 70 years of age at the time of participation. The sample included 325 older adult r...

OBJECTIVE We evaluate whether lifestyle and metformin interventions used to prevent diabetes have durable effects on markers of inflammation and coagulation and whether the effects are influenced by the development of diabetes. RESEARCH DESIGN AND METHODS The Diabetes Prevention Program was a controlled clinical trial of 3,234 subjects at high risk for diabetes who were randomized to lifestyl...

Hematopoietic chimerism is known to promote donor-specific organ allograft tolerance; however, clinical translation has been impeded by the requirement for toxic immunosuppression and large doses of donor bone marrow (BM) cells. Here, we investigated in mice whether durable chimerism might be enhanced by pre-treatment of the recipient with liposomal clodronate, a macrophage depleting agent, wit...

Thermally modified timber (TMT) is increasingly offered in Europe as an alternative to preservative treated timber. TMT durability in field tests as well as its moisture sorption behaviour in façade application was determined so as to consider its suitability for outdoor use. Additionally, abrasion and crack-formation of TMT deckings were examined and the optical appearance of a TMT façade was ...

We study the role an illiquid durable consumption good plays in determining the level of precautionary savings and the distribution of wealth in a standard Aiyagari model (i.e. a model with heterogeneous agents, idiosyncratic uncertainty, and borrowing constraints). Transactions costs induce an inaction region over which the durable stock and the associated user cost are not adjusted in respons...