the rest of the economy via high unemployment and reduced labor earnings, which reduced household contributions to Social …

productivity risk is greater than the value of unemployment insurance which provides (partial) insurance against employment risk … frictions that allows us to distinguish between different sources of risk and to estimate their effects. The sources of risk are … variability due to shocks from variability due to the responses to these shocks. Estimates of productivity risk, once we control …

stocks and risk-free bonds over its lifecycle. We show that allowing for the wage indexation of social security benefits …

This paper analyzes optimal portfolio decisions of long-horizon investors with undiversifiable labor income risk and … unambiguously larger for employed investors than for retired investors when labor income risk is uncorrelated with stock return risk … income risk on savings and portfolio choice and finds that, when labor income risk is independent of stock market risk, a …

manage systematic mortality risks, namely self-insurance and risk transfer to purchasers of the annuity products. We … demonstrate that self-insurance leads to high loadings, so that households offered a choice would favor the risk transfer scheme …

Why is unemployment higher for younger individuals? We address this question in a frictional model of the labor market … observed age differences in unemployment which, as in the data, are due to differences in job separation rates …

involuntary or accidental. Moreover, parameter estimates using subjective mortality risk perform better in predicting out … influenced more strongly by individual-level beliefs about mortality risk than by group level mortality risk …