Labor income and risky assets under market incompleteness: Evidence from Italian data

Journal of Banking and Finance

Volumn 26, Issue 2-3, 2002, Pages 597-620

  Grande, Giuseppe ^a   Ventura, Luigi ^b  

^a Banca d'Italia   (Italy)

^b SAPIENZA UNIVERSITY OF ROME   (Italy)

Author keywords

Consumption insurance; Equity premium puzzle; Financial markets; Incomplete markets; Precautionary saving

Indexed keywords

EID: 0036155595     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0378-4266(01)00236-9     Document Type: Article

References (28)

1. Limited market participation and volatility of asset prices
2. Introduction
3. Consumption growth, the interest rate, and aggregation
4. Methodological appendix: The Bank of Italy's survey of household income and wealth
5. The Nature and Magnitude of Precautionary Saving
6. The structure of investor preferences and asset returns, and separability in portfolio allocation: A contribution to the pure theory of mutual funds
7. A simple test of consumption insurance
8. Asset pricing with heterogeneous consumers
9. Portfolio choice under noisy asset returns
10. Background Uncertainty and the Demand for Insurance Against Insurable Risks
11. Earnings uncertainty and precautionary saving
12. Why is Italy's saving rate so high?
13. Income risk, borrowing constraints, and portfolio choice
14. Martingales and arbitrage in multiperiod securities markets
15. The political economy of public health insurance
16. Rational expectations in microeconomic models: An overview
17. Standard risk aversion
18. The equity premium: It's still a puzzle
19. Precautionary saving and subjective earnings variance
20. Full insurance in the presence of aggregate uncertainty
21. Risk neutral valuation without spanning: The discrete time case
22. On fully revealing prices when markets are incomplete
23. The consumption of stockholders and nonstockholders
24. The equity premium: A puzzle
25. Is there an equity premium puzzle in Italy? A look at asset returns, consumption and financial structure data over the last century
26. An agregation theorem for securities markets
27. Stock market wealth and consumer spending
28. Equilibrium asset prices with undiversifiable labor income risk