rates. Further, the S&P 500 market seems to be well integrated, and the NASDAQ is generally (but not always) integrated. The …

assets traded on a given market share the same EMRS. The technique is also powerful enough to reject integration between the …

partial insurance of parental investments against permanent income shocks, but the magnitude of the estimated responses is … small. We cannot reject the hypothesis full insurance against temporary shocks. Another interpretation of our findings is … that there is very little insurance available, but the fact that skill is a non-separable function of parental investments …

This paper describes an equilibrium labour market in which an unemployment benefit system cannot raise the average … unemployed is particularly costly, this policy provides insurance equivalent to that provided by the current system. By reducing …

of their output, the firm arises endogenously as an alternative to the spot market if workers are sufficiently risk … averse and the firm can base incentive payments on good information. Competition, however, may allow the spot market and … explicit contracts to crowd out implicit insurance provided by the firm, even though the latter yields higher welfare. We …

Can public insurance through redistributive income taxation improve the allocation of risk in an economy in which … the first place. If risk sharing is incomplete because some insurance markets are missing for model-exogenous reasons (as … of risk. If instead private insurance markets exist but their use is limited by the absence of complete enforcement (as …

the one hand, as wage uncertainty rises, so does the cost associated with missing insurance markets. On the other hand …, greater wage inequality presents opportunities to increase aggregate productivity by concentrating market work among more …