, , ; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Asset Pricing with Endogenously Uninsurable Tail Risk"; ; "batchuser@example.com"; ; "Ai, Hengjie", "Bhandari, Anmol"; "Federal Reserve Bank of Minneapolis"; "Dynamic contracting", "Equity premium puzzle", "Limited commitment", "Tail risk"; "E30 - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)", "G10 - General Financial Markets: General (includes Measurement and Data)"; "This paper studies asset pricing and labor market dynamics when idiosyncratic risk to human capital is not fully insurable. Firms use long-term contracts to provide insurance to workers, but neither side can fully commit; furthermore, owing to costly and unobservable retention effort, worker-firm relationships have endogenous durations. Uninsured tail risk in labor earnings arises as a part of an optimal risk-sharing scheme. In equilibrium, exposure to the tail risk generates higher aggregate risk premia and higher return volatility. Consistent with data, firm-level labor share predicts both future returns and pass-throughs of firm-level shocks to labor compensation."^^; "2020-10-05"; "2019-05-17T13:32:01.109241032+00:00"^^; "https://doi.org/10.21034/sr.570"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2021-05-28T14:22:11.550327723+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "6", "79"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "570"; "Tail risk", "Equity premium puzzle", "Limited commitment", "Dynamic contracting"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Econometrica_ (vol. 89, iss. 3, May 2021, pp. 1471-1505), https://doi.org/10.3982/ECTA15142."^^; ; "Publication" . ; ; ; . ; ; . ; ; .