This paper examines the risk aspects of an investment-based defined contribution Social Security plan. We focus on the … risk after the plan is fully phased in. Individuals deposit a fraction of wages to a Personal Retirement Account (PRA … cushion' that protects the individual from the risk of an unacceptably low level of benefits. For example, PRA deposits of 6 …

response to earnings risk based on Euler equation estimates. To address endogeneity problems, we use Norwegian administrative …

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 …

Recent studies have shown that disaster risk can generate asset return moments similar to those observed in the U ….S. data. However, these studies have ignored the cross-country asset pricing implications of the disaster risk model. This … paper shows that standard U.S.-based disaster risk model assumptions found in the literature lead to counterfactual …

accounts for the interaction between temperature, economic growth and risk. The model simultaneously matches the projected … temperature path, the observed consumption growth dynamics, discount rates provided by the risk-free rate and equity market …

global macroeconomic fundamental risk. The risk factor is the cross-country high-minus-low conditional skewness of the …