Andreas Fagereng, Luigi Guiso, Luigi Pistaferri

NBER Working Paper No. 22883
Issued in December 2016

---- Acknowledgments ----

We thank Sumit Agarwal, Francis Vella and three anonymous reviewers for helpful comments. We are grateful to seminar participants at Berkeley, Naples, Lugano, Geneva, Maastricht, the 2014 SITE, the 2014 CEAR and the 2015 European Household Finance conference. An earlier version of this paper circulated under the title ”Back to Background Risk?”. We are grateful to Finansmarkedsfondet (The Research Council of Norway, grant #230843) for financial support and to Davide Malacrino for research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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