consumption-saving model with labor income risk and incomplete markets to relate income dynamics to consumption and welfare, and … income process. The empirical application of our framework using data on individual incomes from Mexico provides striking …) welfare-neutral. A smaller part of measured income mobility is due to either welfare-reducing income risk or welfare …

endogenous firing as well as a short-time work decision. In recessions, short-time work reduces the unemployment risk of workers …

We investigate financial experts' beliefs about climate risk pricing and analyze how those beliefs influence stock …

Neoclassical trade theory suggests that factor price convergence should follow increased commercial integration. Rising … States and Mexico. This paper evaluates the degree of wage convergence between Mexico and the United States between 1988 and … Mexico and the US. First, we find no evidence of long-run wage convergence among cohorts characterized by low migration …

with and without wage rigidities. The paper then explores time series data from Argentina, Brazil, Colombia and Mexico to … test for cointegrating relationships corresponding to the patterns predicted by theory. We confirm episodes of expansion of …

of reducing concentration in two markets in Mexico that are known for their high level of concentration: mobile …

although risk can be measured, uncertainty cannot be measured. Even though risk can be measured, a simple symmetric measure … attempt at "measuring" risk or (fundamental) uncertainty is flawed. …

) we vary three payoff indices. Indices of risk and temptation capture the unilateral incentives to defect against … reduces cooperation. In neither study, nor in either subject pool of our second study, do we find a significant effect of risk. …