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Human capital risk, contract enforcement, and the macroeconomy

Author: Tom Krebs; Moritz Kuhn; Mark L J Wright; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2011.
Series: Working paper series (National Bureau of Economic Research), no. 17714.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
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  Read more...
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Additional Physical Format: Print version:
Krebs, Tom.
Human capital risk, contract enforcement, and the macroeconomy.
Cambridge, Mass. : National Bureau of Economic Research, ©2011
(DLC) 2011657576
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Tom Krebs; Moritz Kuhn; Mark L J Wright; National Bureau of Economic Research.
OCLC Number: 770007202
Notes: Title from http://www.nber.org/papers/17714 viewed Jan. 3, 2012.
"December 2011."
Description: 1 online resource (42, [3], 8 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 17714.
Responsibility: Tom Krebs, Moritz Kuhn, Mark L.J. Wright.

Abstract:

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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