Implications of Labor Market Frictions for Risk Aversion and Risk Premia
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A flexible labor margin allows households to absorb shocks to asset values with changes in hours worked as well as changes in consumption. This ability to partially offset wealth shocks by varying hours of work can significantly alter the households attitudes toward risk, as shown in Swanson (2012).
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美国国家经济研究局创建时间：
2019-04-01
