assets. The target is the level of assets that balances impatience, prudence, risk, intertemporal substitution, and the rate …

inheritances. This paper studies the role of various forces affecting savings in quantitative models of wealth inequality …

terms of trade between risk-tolerant and risk-averse investors. Debt pays off equally across contingencies at a given future … date, so debt is valuable to risk-averse investors to smooth consumption across those contingencies. In an equilibrium with … trade between investors who differ in attitudes toward risk, the risk-tolerant investors borrow from the risk-averse ones …

oversupply of savings. Other forces that work in the same direction and can both create or exacerbate the problem include a drop …

current account imbalances and possibly to the recent global financial crisis. This paper proposes a theory of excess savings …Large savings and current account surpluses by China and other countries are said to be a contributor to the global … show conditions under which an intensified competition in the marriage market can induce men to raise their savings rate …

The risk of default that business firms face is very significant and differs widely across countries. This paper … explores the links between countries' business conditions and international trade embedment and the default risk at the country … default risk of firms which operate in these environments. The predictions are in accord with readily available data …

towards risk. We find that the uncertainty associated with anthropogenic climate change imply carbon taxes much higher than …

expected exchange rate depreciations (appreciations) for high (low) interest rate currencies, suggesting that disaster risk is … priced in currency markets. To study the price of disaster risk, we propose a simple structural model that includes both … Gaussian and disaster risk and can be estimated even in samples that do not contain disasters. Estimating the model over the …