Empirical proxies for permanent shocks to durables consumption growth are shown to generate strong pricing implications … for both one-period and long-run risk return tradeoff in a cross-section of test assets. This factor is identified as an … additional source of consumption risk in a structural model where investors are endowed with recursive preferences over …

inequality or relatively high population density. Households whose head has relatively low educational attainment are also …

The nexus between debt and inequality has attracted considerable scholarly attention in the wake of the global … financial crisis. One prominent candidate to explain the striking co-evolution of income inequality and private debt in this …