a household's earnings or assets, leads to a higher implicit tax on old-age resources, but has desirable distributional …

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 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 …

debt on overall. Moreover, we find that endogenizing household’s borrowing constraints by assuming limited commitment leads …