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Record Nr. |
UNINA9910133619703321 |
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Autore |
Krebs Tom |
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Titolo |
Human Capital Risk, Contract Enforcement, and the Macroeconomy / / Tom Krebs, Moritz Kuhn, Mark L. J. Wright |
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Pubbl/distr/stampa |
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Cambridge, Mass, : National Bureau of Economic Research, 2011 |
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Descrizione fisica |
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1 online resource : illustrations (black and white); |
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Collana |
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NBER working paper series ; no. w17714 |
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Classificazione |
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Altri autori (Persone) |
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KuhnMoritz |
WrightMark L. J |
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Soggetti |
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Incomplete Markets |
Consumption • Saving • Wealth |
Employment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity |
Human Capital • Skills • Occupational Choice • Labor Productivity |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Sommario/riassunto |
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We develop a macroeconomic model with physical and human capital, human capital risk, and limited contract enforcement. We show analytically that young (high-return) households are the most exposed to human capital risk and are also the least insured. We document this risk-insurance pattern in data on life-insurance drawn from the Survey of Consumer Finance. A calibrated version of the model can quantitatively account for the life-cycle variation of insurance observed in the US data and implies welfare costs of under-insurance for young households that are equivalent to a 4 percent reduction in lifetime consumption. A policy reform that makes consumer bankruptcy more costly leads to a substantial increase in the volume of credit and insurance. |
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