El Departamento de Economía de la Universidad de Chile tiene el agrado de invitar a usted a un nuevo Seminario Académico:

Título - Lifecycle Investment with Unemployment Risk

Autores - Eduardo Fajnzylber y Pablo Castañeda (Universidad Adolfo Ibáñez) 

Presentador - Eduardo Fajnzylber

Resumen - We study a lifecycle consumption-portfolio problem with partially unhedgeable (exogenous) labor income and unemployment risk. We solve the model using an analytic approach, which allows us to determine nearly optimal rules for consumption and investment, and the approximate value function of the problem. We use administrative individual-level data from the Chilean pension system to estimate the parameters of the model, and find strong evidence in favor of business cycle effects over the mean and volatility of labor income growth. We find important differences in the optimal rules of individuals grouped by educational levels, and in their response to various welfare gain/loss experiments.

El  Seminario  se realizará el miércoles 19 de agosto de 13:00 a 14:00 hrs, en  la Sala P-307 Tercer Piso del edificio Placa de la Facultad de Economía y Negocios de la Universidad de Chile, ubicada en Diagonal Paraguay 257.