Insurers are the largest institutional investors of corporate bonds. However, a standard theory of insurance markets …

Using panel data from 23 OECD countries, I document that wages grow more over the life-cycle in countries where job …-to-job mobility is more common. A life-cycle theory of job shopping and accumulation of skills on the job highlights that a more fluid … comparable cross-country training data, finding support for the theory …

Theoretically, wealthier people should buy less insurance, and should self-insure through saving instead, as insurance … entails monitoring costs. Here, we use administrative data for 63,000 individuals and, contrary to theory, find that the … wealthier have better life and property insurance coverage. Wealth-related differences in background risk, legal risk, liquidity …

This paper examines the role that insurance has played in dealing with terrorism before and after September 11, 2001 …, by focusing on the distinctive challenges associated with terrorism as a catastrophic risk. The Terrorism Risk Insurance … Act of 2002 (TRIA) was passed by the U.S. Congress in November 2002, establishing a national terrorism insurance program …

We analyze the value of insurance when individuals have access to credit markets. Loans allow consumers to smooth … financial shocks over time, decreasing the value of consumption smoothing from insurance. We derive formulas for the value of … insurance that can be taken to data, and show how that value depends on individual characteristics and features of loans. We …

A rent guarantee insurance (RGI) policy makes a limited number of rent payments to the landlord on behalf of an insured … society. While unrestricted access is not financially viable with either private or public insurance providers due to moral …

made by firms located in emerging markets. Neoclassical theory predicts that, on net, capital should flow from countries …