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100   $a20230622d2011      fy             0
101 0 $aeng
135   $aurcnu||||||||
200 10$aHuman Capital Risk, Contract Enforcement, and the Macroeconomy /$fTom Krebs, Moritz Kuhn, Mark L. J. Wright
210   $aCambridge, Mass$cNational Bureau of Economic Research$d2011
215   $a1 online resource$cillustrations (black and white);
225 1 $aNBER working paper series$vno. w17714
300   $aDecember 2011.
330 3 $aWe develop a macroeconomic model with physical and human capital, human capital risk, and limited contract enforcement. We show analytically that young (high-return) households are the most exposed to human capital risk and are also the least insured. We document this risk-insurance pattern in data on life-insurance drawn from the Survey of Consumer Finance. A calibrated version of the model can quantitatively account for the life-cycle variation of insurance observed in the US data and implies welfare costs of under-insurance for young households that are equivalent to a 4 percent reduction in lifetime consumption. A policy reform that makes consumer bankruptcy more costly leads to a substantial increase in the volume of credit and insurance.
410  0$aWorking Paper Series (National Bureau of Economic Research)$vno. w17714.
606   $aIncomplete Markets$2jelc
606   $aConsumption ? Saving ? Wealth$2jelc
606   $aEmployment ? Unemployment ? Wages ? Intergenerational Income Distribution ? Aggregate Human Capital ? Aggregate Labor Productivity$2jelc
606   $aHuman Capital ? Skills ? Occupational Choice ? Labor Productivity$2jelc
615  7$aIncomplete Markets
615  7$aConsumption ? Saving ? Wealth
615  7$aEmployment ? Unemployment ? Wages ? Intergenerational Income Distribution ? Aggregate Human Capital ? Aggregate Labor Productivity
615  7$aHuman Capital ? Skills ? Occupational Choice ? Labor Productivity
686   $aD52$2jelc
686   $aE21$2jelc
686   $aE24$2jelc
686   $aJ24$2jelc
700   $aKrebs$b Tom$01363508
701   $aKuhn$b Moritz$0268309
701   $aWright$b Mark L. J$0630499
712 02$aNational Bureau of Economic Research.
801  0$bMaCbNBER
801  1$bMaCbNBER
906   $aBOOK
912   $a9910133619703321
996   $aHuman Capital Risk, Contract Enforcement, and the Macroeconomy$93384103
997   $aUNINA