, economic uncertainty, and risk premia influence firms' financing and default policies. Countercyclical fluctuations in risk …. These comovements generate large credit risk premia for investment grade firms, which helps address the "credit spread …

accounts for the interaction between temperature, economic growth and risk. The model simultaneously matches the projected … temperature path, the observed consumption growth dynamics, discount rates provided by the risk-free rate and equity market …

A basic prediction of effcient risk-sharing is that relative consumption growth rates across countries or regions …, employing a newly constructed multi-country and multi-regional data set. Within countries, we find signifcant evidence for risk …. We identify this failure of risk sharing as a border effect. We find that the border effect is substantially (but not …

) bilateral exports to the United States. The patterns in the data are consistent with the theory. The mean and the variance of …

We propose a unified theory of asset price determination encompassing both "conventional" and "alternative" asset …

in their business cycles relative to those of advanced economies. Information on the domestic price of risk, cost of …