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 …

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 …

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 …

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 …

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 …

We explore the impact of mortgage securitization on the international diversification of macroeconomic risk. By making … risk sharing: we find that countries with the most highly developed markets for securitized mortgage debt have consumption … responses to a typical idiosyncratic business cycle shock that are 20-30 percent less volatile than those experienced by …