Because of the restrictive assumptions required to establish the theory of Ricardian equivalence, its relevance in … changes in tax receipts have no effect on consumer spending. The present study shows that Kormendi's results are a misleading … that in the equation specified by Kormendi, but with the years 1941 through 1946 excluded, increases in tax receipts have …

unconditional cross-sectional moments of household consumption growth and the moments of the risk-free rate, equity premium, price …-dividend ratio, and aggregate dividend and consumption growth. The model-implied risk-free rate and price-dividend ratio are … procyclical while the market return has countercyclical mean and variance. Finally, household consumption risk explains the cross …

I characterize a dynamic economy under general distributions of households' risk tolerance, endowments, and beliefs … consumption-share increases; (b) the wealth-share of high risk-tolerant households increases; (c) richer households' wealth … risk sharing. Higher uncertainty increases stock prices, risk premiums, volatility, wealth inequality and the dispersion of …

characteristics of idiosyncratic labor market risk. We find that uncertainty distributed throughout the working years accounts for 40 ….S. savings behavior. The restrictions imposed by general equilibrium theory play an important role in arriving at each of these …

because the former allows risk sharing across countries while the latter does not. The analysis is performed in a two … demonstrated that the ability to share risk across countries in the fixed rate regime does not necessarily lead to higher welfare … than the inability to share risk in the flexible rate regime …

government's role in promoting risk sharing. Benefits for each retired person may be tied to that person's lifetime income …

a key determinant of risk premia at all investment horizons. As the investment horizon increases, transitory risks …