worth, the evaporation of liquidity and rising risk premia are the key channels through which geopolitical uncertainty …

tests. In particular, expected returns can appear to decline in risk when investors weakly transmit their payoff … transmission of beliefs to actions, which generates a negative risk-return relation. We argue that the weak transmission is due to … cognitive noise and demonstrate that cognitive noise causally affects the risk-return relation. Our results highlight the …

This paper provides a household-level perspective on the rise of global saving and wealth since the 1980s. We calculate … China. In the past four decades, global saving inequality has risen sharply. The share of household saving flows coming from … the richest 10% of household increased by 60% while saving of middle-class households has fallen sharply. The most …

comprehensive study of wealth and its distribution in Germany since the 19th century. We combine tax and archival data, household …

funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different …