“...We analyze the general equilibrium of an economy in which a competitive industry produces nonexclusive insurance services. The equilibrium is inefficient...”

“...With moral hazard and anonymous asset trade, first-order conditions need not characterize effort and portfolio choices. The standard procedure for establishing...”

“...The authors investigate how labor market institutions such as unemployment insurance, unions, firing regulations, and minimum wages have affected the evolution...”

“...We show how the method of endogenous gridpoints can be extended to solve models with occasionally binding constraints among endogenous variables very...”

“...We show theoretically that income redistribution benefits borrowing-constrained individuals more than is implied by standard relative-income and...”

“...We use all available waves of the Survey of Consumer Finances to document the evolution of the wealth distribution in the US since the 1980s. Relying on the...”

“...This paper develops a notion of consumer confidence within a dynamic competitive equilibrium framework. In any situation where multiple equilibrium prices on...”

“...Durables like cars or houses are a substantial component in the balance sheets of households. These durables are exposed to risk and can be insured in the...”

“...A BEJM Topics article. Abstract In the recent macro literature the effect of competition has been analyzed by comparing economies with the same market...”

“...Microeconomic theory shows that only under certain conditions higher background risk increases the propensity to insure against independent marketable risks...”