We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt …

. The evidence supports the predictions of our model, most notably that investor learning about manager ability weakens when … to the resultant sluggish learning process …

intervals by OLS. In this context, changes in the perception of market risk can trigger volatility and bubbles. Consequently …, higher degrees of risk response among traders can have a destabilizing effect on price dynamics. We consider the interaction … of this effect with memory, the speed of learning, and the nature of the forecasting rules …