against Sharpe-Lintner CAPM and Fama-French three factor models are found mainly during the recent financial crisis. Also we …

facilitate intergenerational risk-sharing. In addition to the primary benefit of improved time diversification, this form of risk … results of the paper is that better intergenerational risk-sharing does not reduce the risk born by each generation. Rather …

asymmetric risk premia over the business cycle. These (empirical) key features become relevant, and asset market implications …-form expressions for the risk premium in production economies. In contrast to endowment economies, the curvature of the policy … functions affects the risk premium through controlling the individual's effective risk aversion …

In this paper we analyse debt stabilization in a monetary union that features endogenous risk premia. In particular, we …”, financial markets impose sovereign risk premia based on each country's government debt level. In the second regime, the … “eurobonds Regime”, financial markets impose a risk premium based on the average debt level in the monetary union. We compare …

Macro-finance theory implies that trend ination and the equilibrium real interest rate are fundamental determinants of …

increasing term structure for the risk premium. It also implies that, under the assumption that the cummulants of the … investment is larger than half of relative risk aversion. Another important consequence of parametric uncertainty is that the … risk premium is not proportional to the beta of the investment. We apply these general results to the case of an uncertain …