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Persistent link: https://www.econbiz.de/10003310027
We investigate empirically how industrialized countries and U.S. states share consumption risk at horizons between one … and thirty years. U.S. federal states share about 50 percent of their permanent idiosyncratic risk through cross … share any of their permanent idiosyncratic risk. Our results suggest that purely transaction cost based theories cannot …
Persistent link: https://www.econbiz.de/10013319551
We investigate empirically how industrialized countries and U.S. states share consumption risk at horizons between one … and thirty years. U.S. federal states share about 50 percent of their permanent idiosyncratic risk through cross … share any of their permanent idiosyncratic risk. Our results suggest that purely transaction cost based theories cannot …
Persistent link: https://www.econbiz.de/10011404294
We investigate empirically how industrialized countries and U.S. states share consumption risk at horizons between one … and thirty years. U.S. federal states share about 50 percent of their permanent idiosyncratic risk through cross … share any of their permanent idiosyncratic risk. Our results suggest that purely transaction cost based theories cannot …
Persistent link: https://www.econbiz.de/10013361047
positions for a wide range of parameter values, even if agents have an incentive to hedge labor income risk by purchasing … Integration ; International Risk Sharing ; Home Bias …
Persistent link: https://www.econbiz.de/10008779855
This paper documents a marked increase in international consumption risk sharing throughout the recent globalization … measure long-run risk sharing among OECD countries and US federal states. We derive our empirical setup from a deliberately … to identify the channels through which improvements in international risk sharing have come about. The model predicts …
Persistent link: https://www.econbiz.de/10003355052
Persistent link: https://www.econbiz.de/10003352996
Persistent link: https://www.econbiz.de/10003512947
Persistent link: https://www.econbiz.de/10013424511
international risk sharing. We argue that consumption risk sharing among industrialised countries has actually increased - in … particular since the 1990s - but that standard consumption-based measures of risk sharing - such as the volatility of consumption …
Persistent link: https://www.econbiz.de/10014221804