Browsing ECO Working Papers by Author "ZHU, Guozhong"

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Browsing ECO Working Papers by Author "ZHU, Guozhong"

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    Title: Consumption Smoothing and Portfolio Rebalancing: The effects of adjustment costs  Author(s): BONAPARTE, Yosef; COOPER, Russell; ZHU, Guozhong Date: 2011 Type of Publication: Working Paper Series/Report no.: NBER Working Paper Abstract: This paper studies the dynamics of portfolio rebalancing and consumption smoothing in the presence of non-convex portfolio adjustment costs. The goal is to understand a household's response to income and return shocks. The ...