households with children are under-insured against the risk that an adult member of the household dies. We develop a tractable … macroeconomic model with human capital risk, age-dependent returns to human capital investment, and endogenous borrowing constraints …

households with children are under-insured against the risk that an adult member of the household dies. We develop a tractable … macroeconomic model with human capital risk, age-dependent returns to human capital investment, and endogenous borrowing constraints … capital risk. A calibrated version of the model can quantitatively account for the life-cycle variation of life …

households are subject to idiosyncratic productivity shocks, insurance markets are missing and borrowing is restricted. In this …

This paper analyzes the welfare costs of business cycles when workers face uninsurable idiosyncratic labor income risk …. In accordance with the previous literature, this paper decomposes labor income risk into an aggregate and an … income risk. Using the multi-dimensional approach to idiosyncratic risk, this paper provides a general characterization of …

Markets ; Race ; Wealth Inequality …

households are subject to idiosyncratic productivity shocks, insurance markets are missing and borrowing is restricted. In this … ; Incomplete Markets ; Crowding Out …

. Our model incorporates distortionary frictions such as transaction taxes, bargaining costs, and incomplete markets. When …