We develop a theory to account for changes in prices of risky and safe assets and gross and net capital flows over the global financial cycle (GFC ... is associated with leverage. In both the data and ...

We review recent work comparing properties of international business cycles with those of dynamic general equilibrium models, emphasizing two discrepancies between theory and data that we refer to as ...

These are the three main objectives of this book, and over the past 10 years the author has used Japanese data to conduct a series of empirical studies from the perspective of life cycle theory.