Robert E. Hall's scientific contributions
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Citations
... cross-agent consumption allocations close to Pareto-optimal. 78 As noted earlier, corr(De c s t , De c n t ) = .95. 79 We interpret workers' desire to accumulate bonds in low-productivity states as an illustration of Carroll's (1992) buffer stock savings story. Carroll (1992) proposes that workers will increase their financial asset holdings (bonds in the present case) in low-productivity states to protect their consumption against prolonged periods of unemployment. ...