China’s household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U-shaped. We find that rising income uncertainty and pension reforms help explain both of these phenomena. Using a panel of Chinese households covering the period 1989-2006, we...

Upper and lower bounds are studied for the solutions of Markov renewal equations. Some of their special cases are derived under specific marginal conditons and in an alternating environment. The method to construct the bounds is also explained in detail. At the end, these bounds are applied to a...

Upper and lower bounds are studied for the solutions of Markov renewal equations. Some of their special cases are derived under specific marginal conditons and in an alternating environment. The method to construct the bounds is also explained in detail. At the end, these bounds are applied to a...

In this paper, mean-field reflected backward stochastic differential equations (MF-RBSDEs, for short) are introduced and studied. We prove the existence and uniqueness of solutions for MF-RBSDEs under the Lipschitz condition by a fixed point argument. Under monotone assumptions for coefficients,...

In this paper, we study one-dimensional reflected backward doubly stochastic differential equations (RBDSDEs) with one continuous barrier and discontinuous (left or right continuous) monotone generator. An existence theorem and a comparison theorem for solutions of the class of RBDSDEs are...

In this paper, a linear nonhomogeneous stochastic differential equation in Hilbert spaces is considered. Conditions for the existence of a stochastically bounded mild solution are found. The stationary case is also studied.

This paper shows that job mobility is a valuable channel which employed workers use to mitigate bad labor market shocks. I construct and estimate a model of wage dynamics jointly with a dynamic model of job mobility. The key feature of the model is the specification of wage shocks at the worker-...