unconditional cross-sectional moments of household consumption growth and the moments of the risk-free rate, equity premium, price …-dividend ratio, and aggregate dividend and consumption growth. The model-implied risk-free rate and price-dividend ratio are … procyclical while the market return has countercyclical mean and variance. Finally, household consumption risk explains the cross …

that of its partners, its relative incentives to accumulate precautionary savings fall and this results in an equilibrium …

, the model provides a closer match between theory and data with respect to the correlation between relative consumption … growth and real exchange rate changes, a key measure of international risk-sharing …

with low income uncertainty; for the high income risk worker, equity exposure rises until retirement. We also evaluate how … differences in social security benefits can influence retirement risk management …

This paper studies the cyclical nature of individual income risk using a confidential dataset from the U.S. Social … average earnings (which is not the case during expansions). Finally, we find that the cyclical nature of income risk is …

only fits standard salient asset prices features including means and volatilities for equity returns and risk free rates …