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Human capital risk, contract enforcement, and the macroeconomy
Krebs, Tom; Kuhn, Moritz; Wright, Mark L. J. - In: The American economic review 105 (2015) 11, pp. 3223-3272
Persistent link: https://www.econbiz.de/10011412921
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Human Capital Risk, Contract Enforcement, and the Macroeconomy
Krebs, Tom - 2011
We develop a macroeconomic model with physical and human capital, human capital risk, and limited contract enforcement …. We show analytically that young (high-return) households are the most exposed to human capital risk and are also the … least insured. We document this risk-insurance pattern in data on life-insurance drawn from the Survey of Consumer Finance …
Persistent link: https://www.econbiz.de/10013117121
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The Costs of Financial Crises : Resource Misallocation, Productivity and Welfare in the 2001 Argentine Crisis
Sandleris, Guido - 2011
Financial crises in emerging market countries appear to be very costly: both output and a host of partial welfare indicators decline dramatically. The magnitude of these costs is puzzling both from an accounting perspective -- factor usage does not decline as much as output, resulting in large...
Persistent link: https://www.econbiz.de/10013119037