The Cost of Financial Frictions for Life Insurers
---- Acknowledgements -----
A.M. Best Company, WebAnnuities Insurance Agency, and Compulife Software own the copyright to their respective data, which we use with permission. We thank Mary Anomalay, Jahiz Barlas, Minsoo Kim, Peter Nebres, and Julia Pei for assistance in putting together the data on annuity and life insurance prices. For comments and discussions, we thank Jennie Bai, Jeffrey Brown, Itamar Drechsler, Kenneth Froot, Stefano Giglio, Arvind Krishnamurthy, Zain Mohey-Deen, Ľuboš Pástor, Anna Paulson, Luigi Pistaferri, Michael Roberts, David Scharfstein, Amir Sufi, Annette Vissing-Jørgensen, three referees, and seminar participants at Aalto University, Copenhagen Business School, Emory University, Federal Reserve Bank (Atlanta, Boston, Chicago, Minneapolis, and San Francisco), Harvard University, London Business School, MIT, Northwestern University, Norwegian Business School, Oxford University, Princeton University, Stanford University, University of British Columbia, UCLA, University of Chicago, University of Houston, University of Minnesota, University of Tokyo, University of Washington, University of Wisconsin, the 2012 SED Annual Meeting, the 2012 NBER Summer Institute Capital Markets and the Economy Workshop, the 2012 System Committee Meeting on Financial Structure and Regulation, the 2012 Wharton Conference on Liquidity and Financial Crises, the 2012 NBER Public Economics Program Meeting, the 2012 Boston University/Boston Fed Conference on Macro-Finance Linkages, the 2013 Utah Winter Finance Conference, and the 2013 NBER Insurance Working Group Meeting. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.