We assess to which degree an international transfer mechanism can enhance consumption risk sharing as well as … analyze the changing dynamics that a EUBS brings about. We find that a EUBS can provide risk sharing by stabilizing relative …-spending shocks. Yet, since this trade-off between allocative efficiency and consumption risk sharing does not exist after certain …

A large literature suggests that the expected equity risk premium is countercyclical. Using a variety of different … measures for this risk premium, we document that it also exhibits growth asymmetry, i.e. the risk premium rises sharply in … which agents cannot perfectly observe the state of current productivity, can generate the observed asymmetry in the risk …

-August 2020, the other from the ECB reporting average monthly values over the period January 1900-August 2020. The estimation …

combines elements of the literatures on economic geography, multinational firms, urban economics, and trade theory. A two …

Economic theory predicts that consumption growth rates should be highly correlated across countries. Empirical evidence … explain this apparent contradiction between theory and empirics. Using data for OECD countries we show that although financial … shifting risk from employees to firms and shareholders or because it makes future income streams easier to use as collateral …