savings equation derived from a lifecycle model featuring income uncertainty using survey data for Dutch households, with … the estimated displacement effect of pensions on private savings towards zero. …

This paper shows how uninsurable unemployment risk is crucial to qualitatively and quantitatively match macro responses … behaviors, triggering a fall in aggregate demand and supply. These precautionary behaviors increase the unemployment risk of the … imperfectly insured households, who strengthen precautionary saving. When the feedback loop between unemployment risk and …

The contribution of this paper is to show how the balance of risk for various macro variables can be linked to … a subjective assessment of the balance of risk, i.e. whether the distributions are symmetric or not. The baseline case …

I provide evidence that risks in macroeconomic fundamentals contain valuable information about bond risk premia. I … extract factors from a set of quantile-based risk measures estimated for US macroeconomic variables and document that they … unemployment rate. In addition, factors provide information about bond risk premia variation that is largely unrelated to that …

We introduce time-varying systemic risk (à la He and Krishnamurthy, 2014) in an otherwise standard New-Keynesian model … to study whether simple leaning-against-the-wind interest rate rules can reduce systemic risk and improve welfare. We … requirement, can eliminate systemic risk raising welfare by about 1.5%. Also, a surprise monetary policy tightening does not …