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«Labor Income Risk Luca Benzoni and Olena Chyruk November 2013 WP 2013-16 Human Capital and Long-Run Labor Income Risk∗ Luca Benzoni† and Olena ...»

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Panel B: Stock holdings Figure 1: Wealth, consumption, labor income, and stock holdings profile. The plots depict wealth, consumption, labor income, and stock holdings over the life-cycle.

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−20 −40

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Figure 2: The components of human capital. The histogram depicts the investments in the various securities (risky asset S, pseudo-securities Xj, j = 1, 2, and risk-free money market B) that replicate the long position in human capital (that is, the present value of future labor income flows).

Panel B: Correlation of stock returns and returns to human capital Figure 3: Human capital. The properties of human capital for the baseline case parameters.

Working Paper Series A series of research studies on regional economic issues relating to the Seventh Federal Reserve District, and on financial and economic topics.

Comment on “Letting Different Views about Business Cycles Compete” WP-10-01 Jonas D.M. Fisher

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Benefits of Relationship Banking: Evidence from Consumer Credit Markets WP-10-05 Sumit Agarwal, Souphala Chomsisengphet, Chunlin Liu, and Nicholas S. Souleles The Effect of Sales Tax Holidays on Household Consumption Patterns WP-10-06 Nathan Marwell and Leslie McGranahan Gathering Insights on the Forest from the Trees: A New Metric for Financial Conditions WP-10-07 Scott Brave and R. Andrew Butters

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Explaining Asset Pricing Puzzles Associated with the 1987 Market Crash WP-10-10 Luca Benzoni, Pierre Collin-Dufresne, and Robert S. Goldstein Prenatal Sex Selection and Girls’ Well‐Being: Evidence from India WP-10-11 Luojia Hu and Analía Schlosser

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Corporate Average Fuel Economy Standards and the Market for New Vehicles WP-11-01 Thomas Klier and Joshua Linn The Role of Securitization in Mortgage Renegotiation WP-11-02 Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, and Douglas D. Evanoff

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