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relative risk aversion or decreasing absolute risk aversion, we prove that (1) the fact that growth is uncertain reduces the …
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We study the effects of an annuity market imperfection on individual agents' labour supply and retirement decisions and on the macroeconomic growth rate in an overlapping generations model with endogenous growth. We model imperfect annuities by introducing a load factor on the interest rate...
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In this article, we examine the effect of the imperfect mobility of goods on international risk sharing and, through … is not monotonic with respect to investors' risk aversion and the aggregate volatility of output growth. Our main result …
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