wealth accumulation in the presence of undiversifiable labor income risk. Households filter information about future expected …

offers two insights. First, with income disaster the equilibrium interest rate can be a decreasing function of the risk …We study the impact of income disaster-which can be triggered by various reasons such as pandemics and technological … aversion while the equity premium is an increasing function, helping to disentangle the risk-free rate puzzle from the equity …

We study workers' idiosyncratic earnings risk over the life-cycle using a German administrative data set. Positive and … incomplete markets model. Moreover, age-varying risk implies a linear increase in consumption inequality late in working life …

We study workers' idiosyncratic earnings risk over the life-cycle using a German administrative data set. Positive and … incomplete markets model. Moreover, age-varying risk implies a linear increase in consumption inequality late in working life. …

We analyze the returns to education in a life-cycle framework that incorporates risk preferences, earnings volatility … individual preferences, once we account for risk. We also explore how the measured value of education varies by gender and across … replicate in our data, our model indicates that the risk-adjusted gains from college education were flat in the 1980s and …

This paper investigates how of systematic risk varies over the lifecycle of the firm. If market equity beta is … determined by firm characteristics as the literature on the determinants of systematic risk holds, and if those characteristics … change over the lifecycle of the firm following a definite pattern as firm lifecycle theory suggests, then market equity beta …