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Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of...
Persistent link: https://www.econbiz.de/10013236401
We develop a new approach to the decomposition of income risk within a nonstationary model of intertemporal choice. The … approach allows for changes in income risk over the life-cycle and with the business cycle. It requires only repeated cross … decomposing income risk. The approach is used to investigate the changes in income risk in Britain across the inequality growth …
Persistent link: https://www.econbiz.de/10013118049
, but with increments being smaller in the European data. Third, we find that wage risk is procyclical in Germany while it … determining the cyclical properties of labor market risk …
Persistent link: https://www.econbiz.de/10013155588
have over those risks are weakly negatively correlated. Managerial risk ratings are positively associated with both injury …
Persistent link: https://www.econbiz.de/10012997432
This paper presents evidence suggesting men's (but not women's) risk and time preferences have systematically become … for 22,579 Australian-based respondents in up to 11 surveys from 2002-2015, men respond with increased risk aversion and … since 2008. This 'happiness channel' only partially explains the link between the local unemployment rate and risk …
Persistent link: https://www.econbiz.de/10012838493
We study the interrelation between two types of risk sharing -- within the firm and on capital markets -- by analyzing … the effect of wrongful-discharge laws (WDLs) on stock returns. Consistent with rational, risk-based pricing, the effect on … returns is linked to how shareholders and workers share systematic risk via distinct channels of employment and wage …
Persistent link: https://www.econbiz.de/10013246408
on the exact design of the law. Consistent with rational, risk-based pricing, the effect on returns seems to be linked to … how firms share systematic risk with their employees under the respective laws. Firms in states with WDLs prohibiting … employers from acting in bad faith have more intra-firm risk sharing and lower expected returns. Vaguer legislation that …
Persistent link: https://www.econbiz.de/10013314816
By using a nonlinear VAR model, we investigate whether the response of the US stock and housing markets to uncertainty shocks depends on financial conditions. Our model allows us to change the response of the US financial markets to volatility shocks in periods of normal and financial distress....
Persistent link: https://www.econbiz.de/10013406435
considers the evidence on return predictability, risk aversion and market efficiency. The paper then focuses on the theoretical …
Persistent link: https://www.econbiz.de/10013141228
We investigate the impact of various audit schemes on the future provision of public goods, when contributing less than the average of the group is sanctioned exogenously and the probability of an audit is unknown. We study how individuals update their beliefs about the probability of being...
Persistent link: https://www.econbiz.de/10013058735