to meet their financial obligations. It is based on classical financial-statement approach, a direct inclusion of risk … and a stochastic simulation model of enterprise development. The results show that the method used is superior to …

We analyze the role of risk-sharing institutions in transitions to modern economies. Transitions requires individual …-level risk-taking in pursuing productivity-enhancing activities including using and developing new knowledge. Individual …-level, idiosyncratic risk implies that distinct risk-sharing institutions - even those providing the same level of insurance - can lead to …

This paper analyzes the welfare costs of business cycles when workers face uninsurable idiosyncratic labor income risk …. In accordance with the previous literature, this paper decomposes labor income risk into an aggregate and an … income risk. Using the multi-dimensional approach to idiosyncratic risk, this paper provides a general characterization of …

Risiko nicht ausgesetzt ist. Durch Simulation ihrer optimalen Investitionen in den Klimaindex erhalten wir einen ersten …Short term climate events such as the sea surface temperature anomaly known as El Niño are financial risk sources … leading to incomplete markets. To make such risk tradable, we use a market model in which a climate index provides an extra …

liquidity risk, in a micro-founded search-theoretical monetary model. We calibrate the model to match the empirical aggregate …

We discuss the notion of liquidity and liquidity risk within the financial system. We distinguish between three … the root of liquidity risk lies in information asymmetries and the existence of incomplete markets. The role of central … risk. …

This paper assesses the accuracy of decomposing income risk into permanent and transitory components using income and … that this approximation can provide a robust method for decomposing income risk. The availability of asset data enables the …

simulate life courses for a cohort. The simulation implies that for each (simulated) member of the cohort we know on a … have approximately 200 data points for each (simulated) individual. The original data on which the simulation model is … in the simulation. …