This paper estimates an empirical nonstationary panel regression model that tests long-run consumption risk sharing … risk sharing, which is mainly about risks at business cycle frequency. Since our methodology focuses on identifying … cointegrating relationships while allowing for arbitrary short-run dynamics, we can obtain a consistent estimate of long-run risk …

We investigate empirically how industrialized countries and U.S. states share consumption risk at horizons between one … and thirty years. U.S. federal states share about 50 percent of their permanent idiosyncratic risk through cross … share any of their permanent idiosyncratic risk. Our results suggest that purely transaction cost based theories cannot …

This paper reviews three important issues in the literature on international and intranational risk sharing. First, we … establish a comprehensive set of stylized facts for consumption risk sharing within and across countries. Consistent with the … output. As pointed to by Backus, Kehoe and Kydland (1993), this constitutes a violation of complete in-ternational risk …

This paper reviews three important issues in the literature on international and intranational risk sharing. First, we … establish a comprehensive se t of stylized facts for consumption risk sharing within and across countries. Consistent with the … output. As pointed to by Backu s, Kehoe and Kydland (1993), this constitutes a violation of complete international risk …

We investigate empirically how industrialized countries and U.S. states share consumption risk at horizons between one … and thirty years. U.S. federal states share about 50 percent of their permanent idiosyncratic risk through cross … share any of their permanent idiosyncratic risk. Our results suggest that purely transaction cost based theories cannot …

This paper reviews three important issues in the literature on international and intranational risk sharing. First, we … establish a comprehensive set of stylized facts for consumption risk sharing within and across countries. Consistent with the … output. As pointed to by Backus, Kehoe and Kydland (1993), this constitutes a violation of complete international risk …