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 …

Black Americans face higher cyclical unemployment risk than white Americans: job-finding rates during recessions are … lower and the risk of becoming long-term unemployed is higher. Differences in unemployment risk across Black and white … Americans imply that Black Americans optimally invest less in risky assets. We show that differences in unemployment risk can …