household debt in the aspects of ‘flow effect' arising in the course of changes in household debt size and ‘stock effect …' occuring due to the level of household loans, and then, empirically analyzes the effects using the Korean time series data and … the OECD panel data.The result of empirical estimation with GMM reveals that the flow effect of household debt facilitates …

the economy is private information: a household's idiosyncratic productivity shock is not observable by others. Risk …The author examines the impact of incomplete risk-sharing on growth and welfare. The source of market incompleteness in …-sharing between households occurs through long-term contracts with intermediaries. The author finds that incomplete risk-sharing tends …