Basu, Parantap; Semenov, Andrei; Wada, Kenji - In: Journal of International Money and Finance 30 (2011) 6, pp. 1055-1089
We compare the empirical performances of three risk-sharing arrangements involving idiosyncratic skill shocks: (a) where individuals are unable to directly insure their consumption against individual-specific shocks, (b) where agents strike long-term insurance contract with financial...