“...Abstract We extend the model of risk sharing with limited commitment by introducing both a public and a private (unobservable and/or non-contractible) storage...”

“...We study testable implications for the dynamics of consumption and income of models in which first-best allocations are not achieved because of a moral hazard...”

“...Golosov et al. [2003. Optimal indirect and capital taxation. Review of Economic Studies 70 (3), 569–587] have extended Atkinson and Stiglitz's uniform tax...”

“...We study testable implications for the dynamics of consumption and income of models in which first-best allocations are not achieved because of a moral hazard...”

“...In the present paper, I analyze how unobservable savings affect risk sharing and bankruptcy decisions in the financial system. I extend the Diamond and Dybvig...”

“...This paper studies the design of unemployment insurance when neither the searching effort nor the savings of an unemployed agent can be monitored. If the...”

“...We propose a tractable recursive framework to study the optimal allocation of consumption and effort in a dynamic setting with moral hazard where agents have...”

“...We provide sufficient conditions for the validity of the first-order approach for two-period dynamic moral hazard problems where the agent can save and borrow...”

“...This paper proposes a general method to validate the first-order approach for moral hazard problems with hidden saving. I show that strong convexity...”

“...We propose a tractable recursive framework to study the optimal allocation of consumption and effort in a dynamic setting with moral hazard where agents have...”