Job Displacement Risk and the Cost of Business Cycles

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The Nature of Countercyclical Income Risk (2014, background): “…papers that study the Great Recession of 2007–9 now routinely use countercyclical risk as one of the key drivers in business cycle models ðsee, e.g., Krebs 2007; Edmond and Veldkamp 2009; Chen, Michaux, and Roussanov 2011; Braun and Nakajima 2012Þ.1 What is common to all of these theoretical…”
Asset Pricing with Countercyclical Household Consumption Risk (2017, unknown): “Moreover, Krebs (2007) argued that higher job displacement risk in recessions gives rise to the countercyclical left skewness of earnings shocks and that this can generate a substantial cost of business cycles.”