This review article examines the role of labor income risk in determining the value of a person’s human capital. We … to assess the value and risk of pension promises. Finally, we discuss how to enrich the environment with heterogeneity in …

markets. But resolving swap positions at insolvent banks, particularly a bank's out-of- the-money positions, has received less … attention. The FDIC can now either repudiate these contracts and treat the in-the-money counterparties as at-risk general … result in large- fire sale losses and ignite defaults in other swap contracts. Transferring the contracts both is costly to …

This article shows that the "risk premium" shock in Smets and Wouters (2007) can be interpreted as a structural shock …

at several maturities into components reflecting counterparty credit risk and funding-market liquidity. To account for … longer maturities, credit risk explains much of the time variation in Libor, reflecting in part fluctuations in the degree to … which default risk is priced in the interbank market. Our results are consistent with banks both under- and over …