households with children are under-insured against the risk that an adult member of the household dies. We develop a tractable … macroeconomic model with human capital risk, age-dependent returns to human capital investment, and endogenous borrowing constraints … capital risk. A calibrated version of the model can quantitatively account for the life-cycle variation of life …

unemployment. Juhn, Murphy, and Topel (2002) point out that the low unemployment rates for men in the 1990s were accompanied by … historically high rates of non-employment suggesting that the 1990s economy was not as strong as the unemployment rate might … increase in women's labor force participation more than offsets the decline for men, and low unemployment rates in the 1990s …