We study a model in which a risk-pooling intermediary such as a money market mutual fund (MMMF) is exposed to runs. In addition to providing risk-pooling services to investors, the MMMF lends funds to borrowers secured by collateral as in security repurchase transactions which are frequently...

We examine the relationship between housing equity and wage earnings. We first provide a simple model of wage bargaining where failure leads to both job loss and mortgage default. Moreover, foreclosure generates disutility beyond selling a home. We test this prediction using nine waves of the...

Many countries around the world have large public pension programs. Traditionally, these programshave been used to induce retirement by the elderly in order to free up jobs for the young andto redistribute income across generations. This paper provides an efficiency rationale for the...

Many countries around the world are experiencing a significant shift in demographic patterns towards an older population. The age composition of the labor force has also changed dramatically, often accompanied by sharp reductions in the labor force participation rates of older workers. These...