, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled …

allocation decisions. We define a measure of the price of impure altruism as the additional proportion of income sacrificed by a … overall charitable donations. We discuss the implications of our experimental results for both theory and policy …

This paper investigates the effects of housing price risk on housing choices over the life-cycle. Housing price risk … home ownership and housing wealth as a hedge against future house price risk for individuals moving up the ladder – people … living in places with higher housing price risk should own their first home at a younger age, should live in larger homes …

business cycle volatility, hinting at a stabilizing effect of public employment, while public wages correlate weakly and … positively with business cycle volatility, hinting at a destabilizing effect of public wages. To explain these relationships, we …

There is a large literature on earnings and income volatility in labor economics, household finance, and macroeconomics …. One strand of that literature has studied whether individual earnings volatility has risen or fallen in the U.S. over the …. Using common specifications, measures of volatility, and other treatments of the data, four of the six data series show a …

Financial frictions are known to raise the volatility of economies to shocks (e.g. Bernanke andGertler 1989). We follow … this line of research to the labor literature concerned by the volatility of labor market outcomes to productivity shocks … are a good candidate to solve the volatility puzzle and rejoin Pissarides (2009) in arguing that hiring costs must be …

volatility of both inflation and unemployment differentials. Finally, we show that it is important to take into account the …

This paper shows that the German labor market is more volatile than the US labor market. Specifically, the volatility … vacancies) divided by the volatility of labor productivity is roughly twice as large as in the United States. We derive and …