This paper reviews three important issues in the literature on international and intranational risk sharing. First, we … establish a comprehensive set of stylized facts for consumption risk sharing within and across countries. Consistent with the … output. As pointed to by Backus, Kehoe and Kydland (1993), this constitutes a violation of complete in-ternational risk …

International risk-sharing has far-reaching implications both for economic policy and for basic research in economics …. When countries do not share risk, individuals in those countries experience fluctuations in their consumption levels that … are undesirable and possibly unnecessary. This paper extends and refines the study of international risk-sharing in two …

This paper reviews three important issues in the literature on international and intranational risk sharing. First, we … establish a comprehensive se t of stylized facts for consumption risk sharing within and across countries. Consistent with the … output. As pointed to by Backu s, Kehoe and Kydland (1993), this constitutes a violation of complete international risk …

We investigate empirically how industrialized countries and U.S. states share consumption risk at horizons between one … and thirty years. U.S. federal states share about 50 percent of their permanent idiosyncratic risk through cross … share any of their permanent idiosyncratic risk. Our results suggest that purely transaction cost based theories cannot …

This paper reviews three important issues in the literature on international and intranational risk sharing. First, we … establish a comprehensive set of stylized facts for consumption risk sharing within and across countries. Consistent with the … output. As pointed to by Backus, Kehoe and Kydland (1993), this constitutes a violation of complete international risk …

International risk-sharing has far-reaching implications both for economic policy and for basic research in economics …. When countries do not share risk, individuals in those countries experience fluctuations in their consumption levels that … are undesirable and possibly unnecessary. This paper extends and refines the study of international risk-sharing in two …