We develop a theory of bank board risk committees. With this theory, such committees are valuable even though there is no expectation that bank risk is lower if the bank has a well-functioning risk committee. As predicted by our theory (1) many large and complex banks voluntarily chose to have a...

Among the interesting changes in the U.S. economy in recent years have been the substantial changes in the age distribution of income and its components. These changes are interesting in and of themselves, but also are an important background against which to interpret aggregate economic...