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Persistent link: https://www.econbiz.de/10011306067
In this paper, we study consumption risk sharing when individual income shocks are persistent and not publicly observable, and individuals can default on contracts at the price of financial autarky. We find that, in contrast to a model where the only friction is limited enforcement, our model...
Persistent link: https://www.econbiz.de/10013025402
Persistent link: https://www.econbiz.de/10011745661