accumulation in which households face idiosyncratic income risk and cannot commit to repay their debt. Therefore, even though a …

undeveloped steady stare with little human capital, low rates of return on human capital investments and high fertility, and a … developed steady stats with higher rates of return a large, and, perhaps, growing stock of human capital and low fertility …

We examine the dynamic interaction of the population age structure, economic dependency, and fertility, paying … particular attention to the role of intergenerational transfers. In the short run, a reduction in fertility produces a … probabilistic fashion. We show that most highly developed countries have fertility below the rate that maximizes steady state …

The theoretical literature on generational risk assumes that this risk is large and that the government can effectively …We find that intrinsic generational risk is quite small, that government policies can produce generational risk, and … that bond markets can help share generational risk. We also show that a bond market can mitigate risk-inducing government …

from a novel IV estimation that isolates variation in parent skill advantages due to their teacher and classroom peer …

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 …