-cycle (or target date) funds. We find that life-cycle funds designed to match the risk tolerance and investment horizon of … investors have small welfare costs. All other choices, including life-cycle funds which do not match investors' risk tolerance …

We analyze the contractual relation between workers and their employers when there is nominal risk. The key feature of … eliminate all nominal risk for the parties (by fully indexing the terms of the contracts to the price level) but they would be …

The theoretical literature on generational risk assumes that this risk is large and that the government can effectively …We find that intrinsic generational risk is quite small, that government policies can produce generational risk, and … that bond markets can help share generational risk. We also show that a bond market can mitigate risk-inducing government …

countries. Yet these liabilities are rarely measured, let alone properly adjusted for their risk. This paper shows, by example …, how modern asset pricing can be used to value implicit fiscal debts taking into account their risk properties. The example …