debt on overall. Moreover, we find that endogenizing household's borrowing constraints by assuming limited commitment leads …

with production and idiosyncratic risk. In particular, it assumes that households can break their trading arrangements by …

idiosyncratic and aggregate shocks. We focus on the role of securitization, whereby borrowers can reduce idiosyncratic asset risk … originators to hold some skin-in-the-game, markets remain incomplete and risk-sharing is limited. In this case, fire-sales are …

the unconditional cross-sectional moments of household consumption growth and the moments of the risk free rate, equity …-dividend ratio are pro-cyclical while the market return has countercyclical mean and variance. Finally, household consumption risk …We present evidence that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and …

strengthening of systemic risk assessment and macroprudential policies of the household sector. Other policies include improving the …High household indebtedness could constrain future consumption growth and increase financial stability risks. This … paper uses household survey data to analyze both macroeconomic and finanical stability risks from the rapidly rising …

How predictable are personal income tax rates in the U.S., and does household spending respond to news about future … top income tax rates and a risk premium. Testing the model using the presidential elections of 1980, 1992 and 2000 shows …

convex dynamic risk measure generated by the solution of a backward stochastic differential equation. The agents are exposed … to financial and non-financial risk factors. They can hedge their financial risk in the stock market and trade a … structured derivative whose payoff depends on both financial and external risk factors. We prove an existence and uniqueness of …