intergenerational risk sharing (the role of the second tier). This way labor supply is undistorted …

smoothing and precautionary behaviour associated with the main pandemic waves and recurrent outbreak risk in a model in which … health and wealth are jointly determined under income and health risk that are related to disease outbreak risk. We calibrate … the model to the UK and find that the impact shock of COVID-19 and recurrent outbreak risk amplify existing inequalities …

implications. We test the predictions of our theory employing a unique policy shock: the abolition of bequest and donation taxation …

We propose a theory of indebted demand, capturing the idea that large debt burdens by households and governments lower … aggregate demand, and thus natural interest rates. At the core of the theory is the simple yet under-appreciated observation …

uninsured capital income risk, and suffer from an information-processing capacity constraint. For given attention devoted to … capital income risk, we solve for the optimal consumption-saving choices and show that the expected welfare is increasing with … capacity, assuming a relative risk aversion degree larger than unity. Furthermore, we solve for attention choice and find that …