consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for … temporarily allow consumption to rise. Regarding housing returns, if housing assets are complementary to stocks, then investors … wealth held in the form of housing (i.e., when stock and housing assets are substitutes), then they will temporarily reduce …

deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for … future stock returns to be higher, they will temporarily allow consumption to rise. Regarding housing returns, if housing … substitutes consumption will be temporarily reduced. …

The role of inherited wealth in modern economies has increasingly become under scrutiny. This study presents one of the … annuities, or for a given level of annuitization, both increasing longevity and decreasing fertility should reduce the inherited … share of total wealth in a given economy. Thus, aging is not likely to explain a recent surge in this share in some advanced …

futures of human health and longevity. For the baseline policy scenario of health care access, the calibrated model predicts …, longevity and welfare. These losses are greatest in the long run due to reduced incentives for medical R&D. For example …

idiosyncratic income, disability and longevity risk as well as endogenous labor supply at the intensive and extensive margin …