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make changes regarding risk management and the need to build a better program of resilience in the face of change and …
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that is due to heterogeneous skill endowments. Meanwhile, taxes and transfers insure 45% of lifetime earnings risk. Taxes …
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lifetime earnings risk. Based on a dynamic life-cycle model, we find that redistribution through the tax-and -transfer system … risk. Progressive taxation of annual earnings provides little insurance against lifetime earnings risk. The lifetime …
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