This paper studies how the sensitivity of consumption to income has changed over time as the degree of financial … integration has risen. In standard theory, greater financial integration facilitates international borrowing and lending, helping … to reduce the sensitivity of consumption growth to fluctuations in income. We examine the empirical validity of this …

In this paper, we study consumption risk sharing when individual income shocks are persistent and not publicly …

Investment risk and longevity risk are borne by the plan sponsor in a defined benefit (DB) plan or by the plan … participant in a defined contribution (DC) plan. By contrast, our proposed Retirement Shares Plan (RSP) allocates the longevity … risk to the plan sponsor and investment risk to the plan participant. The RSP allows the participant sufficient control …

with risk measured by CVaR and additional sophisticated constraints. The cash outflow shortages are penalized in the … using two variations of the model. The parameters used in this case study correspond to a typical retirement situation. The …