tax experiment of 2012. EPU-N rises around presidential elections and in response to 9-11, Gulf Wars I and II, the 2011 …

interprets hires and lay-off s of workers as an investment into projects with uncertain return. Employers decide when to … undertake this investment. Uncertainty can then be derived as a function of a labour productivity threshold above which it is …

We develop a new approach for solving the optimal retirement problem for an individual with an unhedgeable income risk …. The income risk stems from a forced unemployment event, which occurs as an exponentially-distributed random shock. The … optimal retirement problem is to determine the individual's optimal consumption and investment behaviors and optimal …

-dimensional incomplete market, which is induced by forced unemployment risk and borrowing constraints. We show that the two dimensions … jointly affect an individual's optimal consumption, investment, and retirement strategies. Specifically, we find that there …

value-minus-growth risk factor …

or long-term unemployment, may occur during working years. Personal disaster risk alters lifetime ex-ante investment … characterizes rare disasters, results in lower risk-taking at the beginning of working life, and is crucial in order to match the …

-term unemployment spells to have permanent effects on subsequent labor income prospects. The risk of losing future labor income could …