government redistribution in countries where consumer credit is relatively scarce. They may also explain observed institutional … patterns across countries and markets: policies that reduce the dispersion and volatility of labor income appear to be more …

for the years 1970 - 2004, we document how the volatility of hours worked and of wages of workers at different skill …-skilled labor increases. This suppresses wages of low-skilled workers and/or increases their unemployment rates. On the other hand … volatility of employment, and this effect is strongest for low-skilled workers. A higher share of low-skilled employment has a …

consistent with the data. Banking regulation, while stabilizing at the aggregate level, may induce volatility at the household …

consumption level. Qualitatively, an income redistribution from labor to capital leads to consumer credit dynamics that are in …