| Professor of Economics | 410–516–7602 (o) |
| Department of Economics | 410–516–7600 (f) |
| Johns Hopkins University | ccarroll(at)jhu.edu |
| Baltimore, MD 21218-2685 | |
| http://econ.jhu.edu/people/ccarroll |
Downloadable Papers (reverse chronological order)
“Precautionary Saving and Precautionary Wealth,” Carroll, Christopher D., and
Miles S. Kimball (2007), Palgrave Dictionary of Economics and Finance, 2nd Ed.,
Available at
http://econ.jhu.edu/people/ccarroll/PalgravePrecautionary.pdf
“The Method of Endogenous Gridpoints for Solving Dynamic Stochastic Optimization
Problems,” Carroll, Christopher D. (2006), Economics Letters, pp. 312–320, Paper and
software available at
http://econ.jhu.edu/people/ccarroll/EndogenousArchive.zip or
http://dx.doi.org/10.1016/j.econlet.2005.09.013
“The Epidemiology of Macroeconomic Expectations,” Carroll, Christopher D. (2006),
in The Economy as an Evolving Complex System, III, ed. by Larry Blume, and Steven
Durlauf. Oxford University Press, Available at
http://econ.jhu.edu/people/ccarroll/epidemiologySFI.pdf
“Unemployment Risk and Precautionary Wealth: Evidence from Households’ Balance
Sheets,” Carroll, Christopher D., Karen E. Dynan, and Spencer S. Krane
(2003), Review of Economics and Statistics, 85(3), Available at
http://econ.jhu.edu/people/ccarroll/krynoll.pdf
“Macroeconomic Expectations of Households and Professional Forecasters,” Carroll,
Christopher D. (2003), Quarterly Journal of Economics, 118(1), 269–298, Available at
http://econ.jhu.edu/people/ccarroll/epidemiologyQJE.pdf
“Portfolios of the Rich,” Carroll, Christopher D. (2002), in Household Portfolios:
Theory and Evidence. MIT Press, Cambridge, MA, Available at
http://econ.jhu.edu/people/ccarroll/richportfolios.pdf
“A Theory of the Consumption Function, With and Without Liquidity Constraints,”
Carroll, Christopher D. (2001), Journal of Economic Perspectives, 15(3), 23–46,
http://econ.jhu.edu/people/ccarroll/ATheoryv3JEP.pdf (as published)
http://econ.jhu.edu/people/ccarroll/ATheoryv3NBER.pdf (more rigorous),
http://econ.jhu.edu/people/ccarroll/ATheoryMath.zip (software archive)
“Death to the Log-Linearized Consumption Euler Equation! (And Very Poor Health
to the Second-Order Approximation),” Carroll, Christopher D. (2001), Advances in
Macroeconomics, 1(1), Article 6, Available at
http://econ.jhu.edu/people/ccarroll/death.pdf
“Individual Learning About Consumption,” Allen, Todd M., and Christopher D.
Carroll (2001), Macroeconomic Dynamics, 5(4), Available at
http://econ.jhu.edu/people/ccarroll/IndivLearningAboutC.pdf
“‘Risky Habits’ and the Marginal Propsensity to Consume Out of Permanent Income,”
Carroll, Christopher D. (2000), International Economic Journal, 14(4), 1–41, Available
at
http://econ.jhu.edu/people/ccarroll/riskyhabits.pdf
“Solving Consumption Models with Multiplicative Habits,” Carroll, Christopher D.
(2000), Economics Letters, 68(1), 67–77, Available at
http://econ.jhu.edu/people/ccarroll/HabitsEconLett.pdf
“Saving and Growth with Habit Formation,” Carroll, Christopher D., Jody R.
Overland, and David N. Weil (2000), American Economic Review, 90(3), 341–355,
Available at
http://econ.jhu.edu/people/ccarroll/AERHabits.pdf
“Requiem for the Representative Consumer? Aggregate Implications of Microeconomic
Consumption Behavior,” Carroll, Christopher D. (2000), American Economic Review,
Papers and Proceedings, 90(2), 110–115, Available at
http://econ.jhu.edu/people/ccarroll/RequiemFull.pdf
“Why Do the Rich Save So Much?,” Carroll, Christopher D. (2000), in Does Atlas
Shrug? The Economic Consequences of Taxing the Rich, ed. by Joel B. Slemrod. Harvard
University Press, Available at
http://econ.jhu.edu/people/ccarroll/Why.pdf
“Does Cultural Origin Affect Saving Behavior? Evidence from Immigrants,” Carroll,
Christopher D., Changyong Rhee, and Byungkun Rhee (1999), Economic
Development and Cultural Change, 48(1), 33–50, Available at
http://econ.jhu.edu/people/ccarroll/censave.pdf
“How Important Is Precautionary Saving?,” Carroll, Christopher D., and
Andrew A. Samwick (1998), Review of Economics and Statistics, 80(3), 410–419,
Available at
http://econ.jhu.edu/people/ccarroll/howbig.pdf
“Comparison Utility in a Growth Model,” Carroll, Christopher D., Jody R.
Overland, and David N. Weil (1997), Journal of Economic Growth, 2(4), 339–367,
Available at
http://econ.jhu.edu/people/ccarroll/compare.pdf
“The Nature of Precautionary Wealth,” Carroll, Christopher D., and Andrew A.
Samwick (1997), Journal of Monetary Economics, 40(1), 41–71, Available at
http://econ.jhu.edu/people/ccarroll/nature.pdf
“Unemployment Expectations, Jumping (S,s) Triggers, and Household Balance Sheets,”
Carroll, Christopher D., and Wendy E. Dunn (1997), in NBER Macroeconomics
Annual, 1997, ed. by Benjamin S. Bernanke, and Julio J. Rotemberg, pp. 165–229. MIT
Press, Cambridge, MA, Available at
http://econ.jhu.edu/people/ccarroll/macroann.pdf
“Buffer Stock Saving and the Life Cycle/Permanent Income Hypothesis,” Carroll,
Christopher D. (1997), Quarterly Journal of Economics, CXII(1), 1–56, Available at
http://econ.jhu.edu/people/ccarroll/BSLCPIH.zip
“On the Concavity of the Consumption Function,” Carroll, Christopher D., and
Miles S. Kimball (1996), Econometrica, 64(4), 981–992, Available at
http://econ.jhu.edu/people/ccarroll/concavity.pdf
“Does Consumer Sentiment Forecast Household Spending? If So, Why?,” Carroll,
Christopher D., Jeffrey C. Fuhrer, and David W. Wilcox (1994), American
Economic Review, 84(5), 1397–1408, Available at
http://econ.jhu.edu/people/ccarroll/SentAERCarrollFuhrerWilcox.pdf
“Saving and Growth: A Reinterpretation,” Carroll, Christopher D., and David N.
Weil (1994), Carnegie-Rochester Conference Series on Public Policy, 40, 133–192, Available
at
http://econ.jhu.edu/people/ccarroll/CarrollWeilSavingAndGrowth.pdf
“Are There Cultural Effects on Saving? Some Cross-Sectional Evidence,” Carroll,
Christopher D., Changyong Rhee, and Byungkun Rhee (1994), The Quarterly
Journal of Economics, CIX(3), 685–700, Available at
http://econ.jhu.edu/people/ccarroll/crr-culture-qje.pdf
“How Does Future Income Affect Current Consumption?,” Carroll, Christopher D.
(1994), The Quarterly Journal of Economics, CIX(1), 111–148, Available at
http://econ.jhu.edu/people/ccarroll/howdoesfuture.pdf
“The Decline in U.S. Saving,” Carroll, Christopher D. (1993), Forum for Applied Research and Public Policy, 8(4)
“The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence,” Carroll,
Christopher D. (1992), Brookings Papers on Economic Activity, 1992(2), 61–156,
Available at
http://econ.jhu.edu/people/ccarroll/BufferStockBPEA.pdf
“Why is U.S. National Saving So Low?,” Summers, Lawrence H.,
and Christopher D. Carroll (1987), Brookings Papers on Economic Activity, 1987(2),
607–636, Available at
http://econ.jhu.edu/people/ccarroll/NatSavSoLow.pdf
“Why Have Private Saving Rates in the US and Canada Diverged?,” Carroll,
Christopher D., and Lawrence H. Summers (1987), Journal of Monetary Economics,
20(2), 249–279, Available at
http://econ.jhu.edu/people/ccarroll/papers/CarrollSummersJME.pdf
“Consumption Growth Parallels Income Growth: Some New Evidence,” Carroll,
Christopher D., and Lawrence H. Summers (1991), in National Saving and Economic
Performance, ed. by B. Douglas Bernheim, and John B. Shoven. Chicago University Press,
Chicago, Available at
http://econ.jhu.edu/people/ccarroll/papers/CParallelsY.pdf
“International Evidence on Sticky Consumption Growth,” Carroll, Christopher D.,
Martin Sommer, and Jiri Slacalek (2008), Johns Hopkins University Working Paper
Number, Available at
http://econ.jhu.edu/people/ccarroll/papers/cssIntlStickyC
http://econ.jhu.edu/people/ccarroll/papers/cssIntlStickyC.pdf
http://econ.jhu.edu/people/ccarroll/papers/cssIntlStickyC.zip
“How Large
Is the Housing Wealth Effect? A New Approach,” Carroll, Christopher D., Misuzu
Otsuka, and Jirka Slacalek (2006), Status: Revise and Resubmit, Journal of Money,
Credit, and Banking, Original Version Available at
http://www.nber.org/papers/w12746
“Theoretical Foundations of Buffer Stock Saving,” Carroll, Christopher D. (2004),
NBER Working Paper No. 10867 (Status: Revise and Resubmit, Review of Economic
Studies), Available at
http://econ.jhu.edu/people/ccarroll/BufferStockProofsNew.pdf
“Liquidity Constraints and Precautionary Saving,” Carroll, Christopher D., and
Miles S. Kimball (2005), Manuscript, Johns Hopkins University, Available at
http://econ.jhu.edu/people/ccarroll/papers/liquidRevised.pdf
“Housing Wealth and Consumption Expenditure,” Carroll, Christopher D. (2004),
Paper Prepared for Academic Consultants Meeting of Federal Reserve Board, January 2004,
Available at
http://econ.jhu.edu/people/ccarroll/papers/FedHouseWealthv2.pdf
“Precautionary Saving and the Marginal Propensity to Consume Out of Permanent
Income,” Carroll, Christopher D. (2001), NBER Working Paper Number W8233,
Available at
http://econ.jhu.edu/people/ccarroll/MPCPermBigNBER.pdf