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Switzerland. Private U.S. but not Swiss insurance has a hedging effect for consumers, while both social insurance schemes expose …This contribution starts out by noting a conflict of interest between consumers and insurers. Consumers face positive … consumers to excess asset volatility. In the insurance systems of both countries, the private component fails to offset …
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We show that U.S. manufacturing wages during the Great Depression were importantly determined by forces on firms' intensive margins. Short-run changes in work intensity and the longer-term goal of restoring full potential productivity combined to influence real wage growth. By contrast, the...
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