withdrawal of employers and external insurers as risk bearers of systematic financial and longevity risks. Partly because of … heterogeneous individuals. Moreover, unlike variable annuities, PPRs allow investment risks to be combined with longevity insurance … without giving rise to high year-on-year volatility in consumption streams or opaque and rigid valuation and smoothing rules …

cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After … distribution. Consumption inequality increased less than disposable income inequality, and tracked the latter much more closely at … inequality, over the last three decades. While the trend in the skill premium differed widely across countries, the experience …

behavior imply that the log consumption-aggregate (human and nonhuman) wealth ratio forecasts the expected return on aggregate … components may be expressed in terms of observable variables, namely in terms of consumption, nonhuman wealth and labor income …This paper studies the role of detrended wealth in predicting stock returns. We call a transitory movement in wealth …

Australian data, we model non-price credit supply conditions within equilibrium correction models of consumption, house prices …, but also interact with key economic variables. We show that credit conditions impact on consumption by: (i) lowering the … real activity; and (iii) facilitating intertemporal consumption smoothing. …

Intergenerational inequality and old-age poverty are salient issues in contemporary China. China's aging population …

reduce consumption inequality on impact. …This paper sheds new light on the interactions between business cycles and the consumption distribution. We use CEX … consumption data and a factor model to characterize the cyclical dynamics of the consumption distribution. We first establish that …

In this paper we examine the link between wage inequality and consumption inequality using a life cycle model that … incorporates household consumption and family labor supply decisions. We derive analytical expressions based on approximations for … the dynamics of consumption, hours, and earnings of two earners in the presence of correlated wage shocks, non …

evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in … consumption inequality did not increase much over this period. Our results support the view that many permanent changes in income …Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of …

world-wide rates of return, international capital flows and the distribution of wealth and welfare in the OECD. We find that … suggests that young agents with little assets and currently low labour productivity gain, up to 1% in consumption, from higher …