The standard tax theory result that investment should not be distorted is based on the assumption that profits are …

In higher education, pure credit market funding leads to underinvestment due to insufficient risk pooling, while pure …

This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We … consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate …

We investigate the trade-off between the risk-sharing gains enjoyed by more interconnected firms and the costs … resulting from an increased risk exposure. We find that when the shock distribution displays “fat” tails, extreme segmentation …

-Bernanke period only. Focusing on this period, the “risk-management” approach is found to be responsible for monetary policy easings …

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank … regulators in risky countries have an incentive to allow their banks to hold home risky bonds and risk defaults, while regulators … cheaply, effectively shifting the risk of some of the potential sovereign default losses on the common central bank …

featuring sovereign risk premia and loss of monetary policy independence. The model is calibrated to match data from the Italian …