Photo of Andrew B Abel

Andrew B Abel

Ronald A. Rosenfeld Professor

Research Interests: macroeconomics, asset pricing, monetary economics, saving and investment, social security, costly observations and transactions

Links: Personal Website


  • Andrew B Abel, Janice C. Eberly (2011), How Q and Cash Flow Affect Investment with Frictions: An Analytic Explanation, The Review of Economic Studies, 78 (4), 1179-1200.
  • Andrew B Abel, Ben S. Bernanke, Dean Croushore, Macroeconomics, 7th edition (2011).
  • Andrew B Abel, Janice C. Eberly, Stavros Panageas (Working), Optimal Inattention to the Stock Market with Information Costs and Transactions Costs.    Abstract
  • Andrew B Abel, "Equity Premia with Benchmark Levels of Consumption: Closed-Form Results". In Handbook of the Equity Risk Premium, edited by Rajnish Mehra, (2008), 117 - 157.
  • Andrew B Abel, Janice C. Eberly, Stavros Panageas (2007), Optimal Inattention to the Stock Market, American Economic Review, 97 (2), 244 - 249.  Abstract
  • Andrew B Abel (2005), Optimal Taxation When Consumers Have Endogenous Benchmark Levels of Consumption, The Review of Economic Studies, 72 (1), 21 - 42.  Abstract
  • Andrew B Abel, "Comment on Michael Hurd: "Bequests: By Accident or by Design?"". In Death and Dollars: The Role of Gifts and Bequests in America, edited by Alicia H. Munnell, Annika Sunden, (2003), 118 - 126.
  • Andrew B Abel (2003), The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security, Econometrica, 71 (2), 551 - 578.  Abstract
  • Andrew B Abel (2002), An Exploration of the Effects of Pessimism and Doubt on Asset Returns, Journal of Economic Dynamics and Control, 26 (7-8), 1075 - 1092.  Abstract
  • Andrew B Abel (2002), On the Invariance of the Rate of Return to Convex Adjustment Costs, Review of Economic Dynamics, 5 (3), 586-601.
  • Andrew B Abel (2001), Will Bequests Attenuate the Predicted Meltdown in Stock Prices When Baby Boomers Retire?, Review of Economics and Statistics, 8 (4), 589 - 595.  Abstract
  • Andrew B Abel, "The Social Security Trust, the Riskless Interest Rate, and Capital Accumulation". In Risk Aspects of Investment-Based Social Security Reform, edited by John Y. Campbell, Martin S. Feldstein, (2001), 153 - 193.
  • Andrew B Abel (2001), The Effects of Investing Social Security Funds in the Stock Market When Fixed Costs Prevent Some Households from Holding Stocks, American Economic Review, 91 (1), 128 - 148.  Abstract
  • Andrew B Abel, Janice C. Eberly (1999), The Effects of Irreversibility and Uncertainty on Capital Accumulation, Journal of Monetary Economics, 44 (3), 339 - 377.  Abstract
  • Andrew B Abel, "Comment on Chapters 2, 3, and 4". In The Costs and Benefits of Price Stability, edited by Martin S. Feldstein, (1999), 180 - 191.
  • Andrew B Abel (1999), Risk Premia and Term Premia in General Equilibrium, Journal of Monetary Economics, 43 (1), 339-377.
  • Andrew B Abel, Janice C. Eberly (1998), The Mix and Scale of Factors with Irreversibility and Fixed Costs of Investment, Carnegie-Rochester Conference Series on Public Policy, 48, 101-135.
  • Andrew B Abel, Janice C. Eberly (1998), The Mix and Scale of Factors with Irreversibility and Fixed Costs of Investment, Carnegie-Rochester Conference Series on Public Policy, 48, 101-135.
  • Andrew B Abel, Janice C. Eberly (1997), An Exact Solution for the Investment and Market Value of Firm Facing Uncertainty, Adjustment Costs, and Irreversibility, Journal of Economic Dynamics and Control, 21 (4-5), 831-852.
  • Andrew B Abel, "Comment on Martin Feldstein: "The Costs and Benefits of Going from Low Inflation to Price Stability"". In Reducing Inflation: Motivation and Strategy, edited by Christina D. Romer, David H. Romer, (1997), 156 - 166.
  • Andrew B Abel, Janice C. Eberly (1996), Optimal Investment with Costly Reversibility, The Review of Economic Studies, 63 (4), 581-593.
  • Andrew B Abel, Avinash Dixit, Janice C. Eberly, Robert S. Pindyck (1996), Options, the Value of Capital, and Investment, Quarterly Journal of Economics, 111 (3), 753-777.
  • Andrew B Abel, Janice C. Eberly (1994), A Unified Model of Investment under Uncertainty, American Economic Review, 84 (1), 1369-1384.
  • Andrew B Abel (1994), Exact Solutions for Expected Rates of Return under Markov Regime Switching: Implications for the Equity Premium Puzzle, Journal of Money, Credit, and Banking, 26 (3), 345-361.
  • Andrew B Abel, Laurence J. Kotlikoff, "Intergenerational Altruism and the Effectiveness of Fiscal Policy--New Tests Based on Cohort Data". In Savings and Bequests, edited by Toshiaki Tachibanaki, (1994), 167 - 196.
  • Andrew B Abel, George J. Mailath (1994), Financing Losers in Competitive Markets, Journal of Financial Intermediation, 3 (2), 139-165.
  • Andrew B Abel (1992), Can the Government Roll Over Debt Forever, Business Review - Federal Reserve Bank of Philadelpha, 3-18.
  • Andrew B Abel (1992), Comments on J. Bradford DeLong and Lawrence H. Summers: Equipment Investment and Economic Growth: How Strong is the Nexus?, Brookings Papers on Economic Activity, 1992:2, 200-205.
  • Andrew B Abel, B. Douglas Bernheim (1991), Fiscal Policy with Impure Intergenerational Fiscal Policy, Econometrica, 59 (6) 1687-1711.
  • Andrew B Abel (1991), The Equity Premium Puzzle, Business Review - Federal Reserve Bank of Philadelpha, 3-14.
  • Andrew B Abel (1991), Some Observations on Demographics and Saving: A Comment, Carnegie-Rochester Conference Series on Public Policy, 34, 157-162.
  • Andrew B Abel (1990), Asset Prices under Habit Formation and Catching Up with the Joneses, American Economic Review, Papers and Proceedings, 80 (2), 38-42.
  • Andrew B Abel, "Consumption and Investment". In Handbook of Monetary Economics, Volume II, edited by Benjamin M. Friedman, Frank Hahn, (1990), 725 - 778.
  • Andrew B Abel (1989), Birth, Death, and Taxes, Journal of Public Economics, 39 (1) 1-15.
  • Andrew B Abel, N. Gregory Mankiw, Lawrence H. Summers, Richard Zeckhauser (1989), Assessing Dynamic Efficiency: Theory and Evidence, The Review of Economic Studies, 56 (1), 1-20.
  • Andrew B Abel (1988), Stock Prices under Time-Varying Dividend Risk: An Exact Solution in an Infinite-Horizon General Equilibrium Model, Journal of Monetary Economics, 22 (3), 375-393.
  • Andrew B Abel (1988), The Implications of Insurance for the Efficacy of Fiscal Policy, Journal of Risk and Insurance, 55 (2), 339-378.
  • Andrew B Abel, "Fiscal Policies and International Financial Markets: Comment". In International Aspects of Fiscal Policies, edited by Jacob A. Frenkel, (1988), 217 - 221.
  • Andrew B Abel, "An Analysis of Fiscal Policy under Operative and Inoperative Bequest Motives". In Economic Effects of the Government Budget, edited by Elhanan Helpman, Assaf Razin, Efraim Sadka, (1988), 91 - 106.
  • Andrew B Abel, Olivier J. Blanchard, "Investment and Sales: Some Empirical Evidence". In Dynamic Econometric Modelling, edited by William A. Barnett, Ernst R. Berndt, Halbert White, (1988), 269 - 296.
  • Andrew B Abel, Mark Warshawsky (1988), Specification of the Joy of Giving: Insights from Altruism, Review of Economics and Statistics, 70 (1), 145-149.
  • Andrew B Abel (1987), Operative Gift and Bequest Motives, American Economic Review, 77 (5), 1037-1047.
  • Andrew B Abel, "The Ricardian Equivalence Theorem". In The New Palgrave: A Dictionary of Economic Theory and Doctrine, Vol r, edited by John Eatwell, Murray Milgate, Peter Newman, (1987), 174 - 179.
  • Andrew B Abel, "Aggregate Savings in the Presence of Private and Social Insurance". In Macroeconomics and Finance: Essays in Honor of Franco Modigliani, edited by Rudiger Dornbusch, Stanley Fischer, John Bossons, (1987), 131 - 157.
  • Andrew B Abel, "Anticipated Tax Changes and the Timing of Investment: Comment". In The Effects of Taxation of Capital Accumulation, edited by Martin S. Feldstein, (1987), 196 - 200.
  • Andrew B Abel (1987), Optimal Monetary Growth, Journal of Monetary Economics, 19 (3), 437-450.
  • Andrew B Abel (1986), Capital Accumulation and Uncertain Lifetimes with Adverse Selection, Econometrica, 54 (5), 1079-1097.
  • Andrew B Abel (1986), Comment on Kotlikoff, Shoven, and Spivak, Journal of Labor Economics, 4 (3) part 2, S208-S215.
  • Andrew B Abel (1986), The Failure of Ricardian Equivalence under Progressive Wealth Taxation, Journal of Public Economics, 30 (1), 117-128.
  • Andrew B Abel, Olivier J. Blanchard (1986), The Present Value of Profits and the Cyclical Variability of Investment, Econometrica, 54 (2), 249-273.
  • Andrew B Abel (1985), Precautionary Saving and Accidental Bequests, American Economic Review, 75 (4), 777-791.
  • Andrew B Abel (1985), Dynamic Behavior of Capital Accumulation in a Cash-in-Advance Model, Journal of Monetary Economics, 16 (1), 55-71.
  • Andrew B Abel (1985), A Stochastic Model of Investment, Marginal q, and the Market Value of the Firm, International Economic Review, 26 (2), 305-322.
  • Andrew B Abel (1985), Inventories, Stock-outs and Production Smoothing, The Review of Economic Studies, 52 (2), 283-293.
  • Andrew B Abel, "R & D and the Market Value of the Firm: A Note". In R & D, Patents and Productivity, edited by Zvi Griliches, (1984), 261 - 269.
  • Andrew B Abel (1984), The Effects of Uncertainty on Investment and the Expected Long-Run Capital Stock, Journal of Economic Dynamics and Control, 7 (1), 39-53.
  • Andrew B Abel (1983), Energy Price Uncertainty and Optimal Factor Intensity: A Mean-Variance Analysis, Econometrica, 51 (6), 1839-1845.
  • Andrew B Abel (1983), Tax Neutrality in the Presence of Adjustment Costs, Quarterly Journal of Economics, 98 (4), 705-712.
  • Andrew B Abel (1983), Market Structure and the Durability of Goods, The Review of Economic Studies, 50 (4), 625-637.
  • Andrew B Abel, Olivier J. Blanchard (1983), An Intertemporal Model of Saving and Investment, Econometrica, 51 (3), 675-692.
  • Andrew B Abel, "Comment on 'Financing Private Business in an Inflationary Context: The Experience of Argentina between 1976 and 1980'". In Financial Policies and the World Capital Market, edited by Pedro Aspe, Rudiger Dornbusch, (1983), 183 - 185.
  • Andrew B Abel, Frederic S. MIshkin (1983), On the Econometric Testing of Rationality-Market Efficiency, Review of Economics and Statistics, 65 (2), 318-323.
  • Andrew B Abel (1983), Optimal Investment under Uncertainty, American Economic Review, 73 (1) 228-233.
  • Andrew B Abel, Frederic S. MIshkin (1983), An Integrated View of Tests of Rationality, Market Efficiency and the Short-Run Neutrality of Monetary Policy, Journal of Monetary Economics, 11 (1), 3-24.
  • Andrew B Abel (1982), Accelerated Depreciation and the Efficacy of Temporary Fiscal Policy: Implications for an Inflationary Economy, Journal of Public Economics, 19 (1), 23-47.
  • Andrew B Abel (1982), Dynamic Effects of Permanent and Temporary Tax Policies in a q Model of Investment, Journal of Monetary Economics, 9, 353-373.
  • Andrew B Abel (1981), A Dynamic Model of Investment and Capacity Utilization, Quarterly Journal of Economics, 96 (3), 379-403.
  • Andrew B Abel (1981), Taxes, Inflation, and the Durability of Capital, Journal of Political Economy, 89 (3) 548-560.
  • Andrew B Abel (1981), Dynamic Adjustment in a Putty-Putty Model: Implications for Testing the Putty-Clay Hypothesis, International Economic Review, 22 (1), 19-36.
  • Andrew B Abel (1980), Empirical Investment Equations: An Integrative Framework, Carnegie-Rochester Conference Series on Public Policy, 12, 39-91.
  • Andrew B Abel (1980), Reply to Prescott's Comments, Carnegie-Rochester Conference Series on Public Policy, 12, 103-105.
  • Andrew B Abel, Rudiger Dornbusch, John Huizinga, Alan Marcus (1979), Money Demand during Hyperinflation, Journal of Monetary Economics, 5 (1), 97-104.
  • Andrew B Abel, Investment and the Value of Capital, Garland Publishing Company (1978).
  • Andrew B Abel (1978), Tax Incentives to Investment: An Assessment of Tax Credits and Tax Cuts, New England Economic Review, 54-66.
  • Andrew B Abel, Luis M.C.P. Beleza (1978), Input-Output Pricing in a Keynesian Model as Applied to Portugal, Journal of Development Economics, 5, 125-138.
  • Andrew B Abel, Luis M.C.P. Beleza, Jeffrey A. Frankel, Raymond Hill, Paul R. Krugman (1977), A Model of the Portuguese Economy, Economia, 1 (1).
  • Andrew B Abel (1975), A Comparison of Three Control Algorithms as Applied to the Monetarist-Fiscalist Debate, Annal of Economic and Social Measurement, 4 (2).