The magnitude of and heterogeneity in systematic earnings risk has important implications for various theories in macro …, labor, and financial economics. Using administrative data, we document how the aggregate risk exposure of individual … earnings to GDP and stock returns varies across gender, age, the worker's earnings level, and industry. Aggregate risk exposure …

paper shows that UI extensions at age thresholds reduced reemployment wages of job searchers in Germany. The UI extensions …This paper provides quasi-experimental estimates of the causal effect of long-term unemployment on wages. Using … standard job search theory, the paper derives and tests conditions on reemployment wages under which Unemployment Insurance (UI …

stock returns. Monetary policy has a larger impact on consumption in Italy and Spain compared to France and Germany … income ratios by education and country. The policy functions based upon the estimation are used to characterize the …

This paper analyzes the importance of household perceptions of house price risk in explaining homeownership choice … perceive housing as risky. Risk perceptions vary across demographic groups, but significant differences persist after … rent are strongly correlated with perceptions of house price risk. Households' exposure to housing risk due to financial …

households so housing market risk actually increases homeownership rates and house prices. Further, the net effect of rent risk … volatility rises and the discounted house price risk falls. Using CPS data, the difference in the probability of homeownership …Many people assume that the most significant risk in the housing market is that homeowners are exposed to fluctuations …

Using a model with constant relative risk-aversion preferences, endogenous labor supply and partial insurance against … idiosyncratic wage risk, we provide an analytical characterization of three welfare effects: (a) the welfare effect of a rise in … wage dispersion, (b) the welfare gain from completing markets, and (c) the welfare effect from eliminating risk. Our …

is intractable. In this note we prove this comparative static result on risk aversion and wages in general equilibrium …One of the leading theories of entrepreneurship is that less risk averse individuals become entrepreneurs and more risk … comparative static result, that an economy-wide increase in risk aversion lowers the equilibrium wage, appeared to require the …