equilibrium joint distribution over wages, hours and consumption. With these expressions in hand, we show that all the structural … preference and risk parameters in the model can be identified, even when productivity risk varies over time, given panel data on … wages and hours, and cross-sectional data on consumption. We estimate the model on CEX and PSID data for the U.S. economy …

This paper quantifies the macroeconomic implications of the lack of insurance against idiosyncratic labour market risk …

This paper offers a theory of development which links the degree of market incompleteness to capital accumulation and … growth. At early stages of development, the presence of indivisible projects limits the degree of risk …

Easterlin's relative income hypothesis projects for smaller cohorts increasing wages, increasing fertility and … female net wages therefore stimulate female labor supply. The example of Sweden shows that pronatalist policies can be …

holding positive assets at the time of the shock, while the effects are the opposite for a worker with negative assets …

Accounting for the pervasive evidence of limited international risk sharing is an important hurdle for open … the overall lack of risk sharing, with the tradable price component playing the dominant role in accounting for efficiency …

Can public insurance through redistributive income taxation improve the allocation of risk in an economy in which … private risk sharing is limited? The answer depends crucially on the fundamental friction that limits private risk sharing in … the first place. If risk sharing is incomplete because some insurance markets are missing for model-exogenous reasons (as …