Andrew B. Abel

University of Pennsylvania - Finance Department

Ronald A. Rosenfeld Professor of Finance

The Wharton School

3620 Locust Walk

Philadelphia, PA 19104

United States

http://finance.wharton.upenn.edu/~abel/

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • University of Pennsylvania - Finance Department

    • Email
    • Tel: 215-898-4801
    • Fax: 215-573-7244
SCHOLARLY PAPERS

51

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Scholarly Papers (51)

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1.

An Exploration of the Effects of Pessimism and Doubt on Asset Returns

Downloads 245 (170,736)
Citation 6

An Exploration of the Effects of Pessimism and Doubt on Asset Returns

Rodney L. White Center for Financial Research Working Paper No. 20-00
Number of pages: 31 Posted: 12 Mar 2001
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 202 (204,678)
Citation 6

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An Exploration of the Effects of Pessimism and Doubt on Asset Returns

NBER Working Paper No. w8132
Number of pages: 30 Posted: 15 Feb 2001 Last Revised: 23 Mar 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 43 (556,624)

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2.

The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security

Downloads 233 (179,235)
Citation 56

The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security

Number of pages: 32 Posted: 03 Oct 2001
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 203 (203,752)
Citation 8

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baby boom, social security, stock prices, Golden Rule

The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security

NBER Working Paper No. w9210
Number of pages: 33 Posted: 20 Sep 2002 Last Revised: 03 Mar 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 30 (632,003)
Citation 3

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3.

Will Bequests Attenuate the Predicted Meltdown in Stock Prices When Baby Boomers Retire?

Downloads 205 (202,071)
Citation 10

Will Bequests Attenuate the Predicted Meltdown in Stock Prices When Baby Boomers Retire?

Rodney L. White Center for Financial Research Working Paper No. 19-00
Number of pages: 19 Posted: 12 Mar 2001
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 132 (292,812)
Citation 11

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Will Bequests Attenuate the Predicted Meltdown in Stock Prices When Baby Boomers Retire?

NBER Working Paper No. w8131
Number of pages: 18 Posted: 15 Feb 2001 Last Revised: 21 Mar 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 73 (432,919)

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4.

Assessing Dynamic Efficiency: Theory and Evidence

NBER Working Paper No. w2097
Number of pages: 41 Posted: 04 Apr 2004 Last Revised: 27 Mar 2022
Andrew B. Abel, N. Gregory Mankiw, Lawrence H. Summers and Richard J. Zeckhauser
University of Pennsylvania - Finance Department, Harvard University - Department of Economics, Harvard University and Harvard University - Harvard Kennedy School (HKS)
Downloads 195 (211,489)
Citation 30

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5.

An Intertemporal Model of Saving and Investment

NBER Working Paper No. w0885
Number of pages: 39 Posted: 20 Dec 2001 Last Revised: 04 Dec 2021
Andrew B. Abel, Olivier J. Blanchard and Olivier J. Blanchard
University of Pennsylvania - Finance Department and National Bureau of Economic Research (NBER)Peterson Institute for International Economics
Downloads 115 (322,594)
Citation 1

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6.

Options, the Value of Capital, and Investment

Downloads 113 (326,619)
Citation 8

Options, the Value of Capital, and Investment

NBER Working Paper No. w5227
Number of pages: 43 Posted: 19 Jul 2000 Last Revised: 15 Apr 2022
Andrew B. Abel, Avinash Dixit, Janice C. Eberly and Robert S. Pindyck
University of Pennsylvania - Finance Department, Princeton University - Department of Economics, Northwestern University - Kellogg School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 113 (328,447)
Citation 8

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Options, the Value of Capital, and Investment

Rodney L. White Center for Financial Research Working Paper No. 15-95
Posted: 24 Aug 1998
Andrew B. Abel, Avinash Dixit, Janice C. Eberly and Robert S. Pindyck
University of Pennsylvania - Finance Department, Princeton University - Department of Economics, Northwestern University - Kellogg School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management

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7.

A Unified Model of Investment Under Uncertainty

NBER Working Paper No. w4296
Number of pages: 27 Posted: 18 Oct 2000 Last Revised: 30 Mar 2022
Andrew B. Abel and Janice C. Eberly
University of Pennsylvania - Finance Department and Northwestern University - Kellogg School of Management
Downloads 102 (350,000)
Citation 53

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8.

Optimal Taxation When Consumers Have Benchmark Levels of Consumption

Number of pages: 36 Posted: 03 Oct 2001
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 98 (359,224)

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Benchmark level of consumption, social security, capital income tax

9.

The Present Value of Profits and Cyclical Movements in Investment

NBER Working Paper No. w1122
Number of pages: 53 Posted: 27 Dec 2001 Last Revised: 26 Jan 2022
Andrew B. Abel, Olivier J. Blanchard and Olivier J. Blanchard
University of Pennsylvania - Finance Department and National Bureau of Economic Research (NBER)Peterson Institute for International Economics
Downloads 87 (386,858)
Citation 14

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10.

Investment and Sales: Some Empirical Evidence

NBER Working Paper No. w2050
Number of pages: 41 Posted: 08 Jun 2004 Last Revised: 07 Feb 2022
Andrew B. Abel, Olivier J. Blanchard and Olivier J. Blanchard
University of Pennsylvania - Finance Department and National Bureau of Economic Research (NBER)Peterson Institute for International Economics
Downloads 76 (418,508)

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11.

Optimal Investment with Costly Reversibility

NBER Working Paper No. w5091
Number of pages: 54 Posted: 19 Jul 2000 Last Revised: 01 Dec 2021
Andrew B. Abel and Janice C. Eberly
University of Pennsylvania - Finance Department and Northwestern University - Kellogg School of Management
Downloads 75 (421,509)
Citation 29

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12.

An Analytic Framework for Interpreting Investment Regressions in the Presence of Financial Constraints

Downloads 71 (434,337)

An Analytic Framework for Interpreting Investment Regressions in the Presence of Financial Constraints

Number of pages: 56 Posted: 09 Apr 2020
Andrew B. Abel and Stavros Panageas
University of Pennsylvania - Finance Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 60 (480,222)

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Financial Constraints, Investment, Payout Policy, Investment Cash-flow Sensitivity, Average and Marginal q

An Analytic Framework for Interpreting Investment Regressions in the Presence of Financial Constraints

NBER Working Paper No. w26898
Number of pages: 57 Posted: 30 Mar 2020 Last Revised: 31 Dec 2021
Andrew B. Abel and Stavros Panageas
University of Pennsylvania - Finance Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 11 (787,071)

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13.

An Integrated View of Tests of Rationality, Market Efficiency, and the Short-Run Neutrality of Monetary Policy

NBER Working Paper No. w0726
Number of pages: 42 Posted: 10 Nov 2002 Last Revised: 27 Dec 2021
Andrew B. Abel and Frederic S. Mishkin
University of Pennsylvania - Finance Department and Columbia University - Columbia Business School, Finance
Downloads 68 (444,348)

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14.

Stock Prices Under Time-Varying Dividend Risk: an Exact Solution in an Infinite-Horizon General Equilibrium Model

NBER Working Paper No. w2621
Number of pages: 30 Posted: 04 Jul 2004 Last Revised: 02 Mar 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 66 (451,245)
Citation 4

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15.

Asset Prices Under Habit Formation and Catching Up with the Joneses

NBER Working Paper No. w3279
Number of pages: 20 Posted: 28 Dec 2006 Last Revised: 19 Dec 2021
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 65 (454,778)
Citation 76

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16.

The Failure of Ricardian Equivalence Under Progressive Wealth Taxation

NBER Working Paper No. w1983
Number of pages: 17 Posted: 09 Jul 2004 Last Revised: 04 Dec 2021
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 59 (477,016)
Citation 1

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17.

Consumption and Investment

NBER Working Paper No. w2580
Number of pages: 66 Posted: 26 Jul 2010 Last Revised: 20 Jan 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 58 (480,870)

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18.

Optimal Inattention to the Stock Market with Information Costs and Transactions Costs

NBER Working Paper No. w15010
Number of pages: 41 Posted: 01 Jun 2009 Last Revised: 18 Feb 2022
Andrew B. Abel, Janice C. Eberly and Stavros Panageas
University of Pennsylvania - Finance Department, Northwestern University - Kellogg School of Management and University of California, Los Angeles (UCLA) - Finance Area
Downloads 55 (492,489)
Citation 27

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19.

Dynamic Behavior of Capital Accumulation in a Cash-in-Advance Model

NBER Working Paper No. w1549
Number of pages: 28 Posted: 12 Apr 2004 Last Revised: 28 Mar 2021
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 53 (500,743)
Citation 2

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20.

Risk Premia and Term Premia in General Equilibrium

NBER Working Paper No. w6683
Number of pages: 46 Posted: 12 Nov 1998 Last Revised: 07 Apr 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 52 (504,927)

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21.

The Effects of Irreversibility and Uncertainty on Capital Accumulation

Downloads 50 (513,383)

The Effects of Irreversibility and Uncertainty on Capital Accumulation

NBER Working Paper No. w5363
Number of pages: 44 Posted: 22 Jun 2000 Last Revised: 27 Feb 2022
Andrew B. Abel and Janice C. Eberly
University of Pennsylvania - Finance Department and Northwestern University - Kellogg School of Management
Downloads 50 (522,568)

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The Effects of Irreversibility and Uncertainty on Capital Accumulation

21-95
Posted: 13 Jul 1998
Andrew B. Abel and Janice C. Eberly
University of Pennsylvania - Finance Department and Northwestern University - Kellogg School of Management

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22.

The Mix and Scale of Factors with Irreversibility and Fixed Costs of Investment

NBER Working Paper No. w6148
Number of pages: 51 Posted: 14 Jun 2000 Last Revised: 21 Apr 2022
Andrew B. Abel and Janice C. Eberly
University of Pennsylvania - Finance Department and Northwestern University - Kellogg School of Management
Downloads 45 (535,931)
Citation 2

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23.

Optimal Debt and Profitability in the Tradeoff Theory

NBER Working Paper No. w21548
Number of pages: 74 Posted: 14 Sep 2015 Last Revised: 19 May 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 44 (540,736)
Citation 4

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24.

Social Distancing, Vaccination and the Paradoxical Optimality of an Endemic Equilibrium

Number of pages: 58 Posted: 21 Apr 2021
Andrew B. Abel and Stavros Panageas
University of Pennsylvania - Finance Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 43 (545,509)
Citation 1

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Covid, SIR epidemiological model, Vital Dynamics, Endemic Equilibrium, Vaccination, Externalities

25.

A Stochastic Model of Investment, Marginal Q and the Market Value of Thefirm

NBER Working Paper No. w1484
Number of pages: 34 Posted: 09 Mar 2004 Last Revised: 22 Jan 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 42 (550,450)
Citation 1

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26.

Exact Solutions for Expected Rates of Return Under Markov Regime Switching: Implications for the Equity Premium Puzzle

NBER Working Paper No. w4110
Number of pages: 31 Posted: 09 Jan 2007 Last Revised: 27 Mar 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 40 (560,411)

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27.

Equity Premia with Benchmark Levels of Consumption: Closed-Form Results

NBER Working Paper No. w12290
Number of pages: 50 Posted: 16 Jun 2006 Last Revised: 31 Jan 2021
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 39 (565,466)

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28.

Accelerated Depreciation and the Efficacy of Temporary Fiscal Policy: Implications for an Inflationary Economy

NBER Working Paper No. w0596
Number of pages: 35 Posted: 17 May 2001 Last Revised: 18 Feb 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 37 (575,817)

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29.

Optimal Capital Income Taxation

NBER Working Paper No. w13354
Number of pages: 40 Posted: 27 Aug 2007 Last Revised: 29 Dec 2021
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 36 (581,343)

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30.

Inventories, Stock-Outs, and Production Smoothing

NBER Working Paper No. w1563
Number of pages: 23 Posted: 08 Jun 2004 Last Revised: 11 Apr 2021
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 36 (581,343)
Citation 3

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31.

Optimal Monetary Growth

NBER Working Paper No. w2136
Number of pages: 20 Posted: 15 Mar 2007 Last Revised: 05 May 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 34 (592,274)
Citation 2

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32.

An Exact Soultion for the Investment and Market Value of a Firm Facing Uncertainty, Adjustment Costs, and Irreversibility

NBER Working Paper No. w4412
Number of pages: 26 Posted: 27 Dec 2006 Last Revised: 22 Jan 2022
Andrew B. Abel and Janice C. Eberly
University of Pennsylvania - Finance Department and Northwestern University - Kellogg School of Management
Downloads 34 (592,274)

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33.

On the Invariance of the Rate of Return to Convex Adjustment Costs

NBER Working Paper No. w8635
Number of pages: 21 Posted: 13 Feb 2003 Last Revised: 05 Feb 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 34 (592,274)

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34.

The Effects of Investing Social Security Funds in the Stock Market When Fixed Costs Prevent Some Households from Holding Stocks

NBER Working Paper No. w7739
Number of pages: 46 Posted: 12 Jun 2000 Last Revised: 24 Feb 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 34 (592,274)
Citation 3

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35.

The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation

Downloads 34 (592,274)
Citation 7

The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation

NBER Working Paper No. w6991
Number of pages: 47 Posted: 29 Mar 1999 Last Revised: 07 Feb 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 34 (606,629)

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The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation

Rodney L. White Center for Financial Research WP 03-99
Posted: 29 Mar 1999
Andrew B. Abel
University of Pennsylvania - Finance Department

Abstract:

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36.

Social Distancing, Vaccination and the Paradoxical Optimality of an Endemic Equilibrium

NBER Working Paper No. w27742
Number of pages: 59 Posted: 31 Aug 2020 Last Revised: 21 Oct 2021
Andrew B. Abel and Stavros Panageas
University of Pennsylvania - Finance Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 32 (603,700)

Abstract:

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37.

Operative Gift and Bequest Motives

NBER Working Paper No. w2331
Number of pages: 23 Posted: 19 Aug 2004 Last Revised: 16 May 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 31 (609,625)
Citation 1

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38.

The Implications of Insurance for the Efficacy of Fiscal Policy

NBER Working Paper No. w2517
Number of pages: 68 Posted: 16 Jul 2004 Last Revised: 20 May 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 31 (609,625)

Abstract:

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39.

Does the Consumption of Different Age Groups Move Together? a New Nonparametric Test of Intergenerational Altruism

NBER Working Paper No. w2490
Number of pages: 35 Posted: 06 Apr 2007 Last Revised: 23 Apr 2022
Andrew B. Abel and Laurence J. Kotlikoff
University of Pennsylvania - Finance Department and Boston University - Department of Economics
Downloads 30 (615,759)

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40.

Capital Accumulation and Uncertain Lifetimes with Adverse Selection

NBER Working Paper No. w1664
Number of pages: 30 Posted: 06 Apr 2004 Last Revised: 19 Jan 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 30 (615,759)
Citation 2

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41.

Fiscal Policy with Impure Intergenerational Altruism

NBER Working Paper No. w2613
Number of pages: 71 Posted: 03 May 2004 Last Revised: 21 Feb 2022
Andrew B. Abel and B. Douglas Bernheim
University of Pennsylvania - Finance Department and Stanford University - Department of Economics
Downloads 29 (621,985)

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42.

Specification of the Joy of Giving: Insights from Altruism

NBER Working Paper No. w2154
Number of pages: 23 Posted: 21 Mar 2007 Last Revised: 23 May 2021
Andrew B. Abel and Mark J. Warshawsky
University of Pennsylvania - Finance Department and Towers Watson
Downloads 28 (628,290)

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43.

An Analysis of Fiscal Policy Under Operative and Inoperative Bequest Motives

NBER Working Paper No. w2298
Number of pages: 19 Posted: 18 Aug 2004 Last Revised: 14 Apr 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 27 (634,801)

Abstract:

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44.

Bequests and Social Security with Uncertain Lifetimes

NBER Working Paper No. w1372
Number of pages: 42 Posted: 06 Apr 2004 Last Revised: 03 Apr 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 27 (634,801)

Abstract:

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45.

Optimal Taxation When Consumers Have Endogenous Benchmark Levels of Consumption

NBER Working Paper No. w10099
Number of pages: 67 Posted: 17 Nov 2003 Last Revised: 05 Feb 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 27 (634,801)
Citation 2

Abstract:

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46.

Aggregate Savings in the Presence of Private and Social Insurance

NBER Working Paper No. w1873
Number of pages: 39 Posted: 15 Mar 2004 Last Revised: 14 Feb 2021
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 26 (641,704)

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47.

Birth, Death and Taxes

NBER Working Paper No. w2953
Number of pages: 26 Posted: 29 Dec 2006 Last Revised: 27 Jan 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 21 (677,531)

Abstract:

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48.

The Analytics of Investment, Q, and Cash Flow

NBER Working Paper No. w21549
Number of pages: 42 Posted: 14 Sep 2015 Last Revised: 20 May 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 18 (700,185)

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49.

Precautionary Saving in a Financially-Constrained Firm

NBER Working Paper No. w26628
Number of pages: 51 Posted: 13 Jan 2020 Last Revised: 04 Apr 2022
Andrew B. Abel and Stavros Panageas
University of Pennsylvania - Finance Department and University of California, Los Angeles (UCLA) - Finance Area
Downloads 11 (758,352)
Citation 1

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50.

Crowding Out in Ricardian Economies

NBER Working Paper No. w21550
Number of pages: 32 Posted: 14 Sep 2015 Last Revised: 21 May 2022
Andrew B. Abel
University of Pennsylvania - Finance Department
Downloads 9 (776,275)

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51.

Financing Losers in Competitive Markets

Posted: 27 Oct 1999
Andrew B. Abel and George J. Mailath
University of Pennsylvania - Finance Department and University of Pennsylvania - Department of Economics

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