Social Insurance, Information Revelation, and Lack of Commitment
---- Acknowledgments ----
We thank Mark Aguiar, Fernando Alvarez, V.V. Chari, Hugo Hopenhayn, Ramon Marimon, Stephen Morris, Chris Sleet, Pierre Yared, Sevin Yeltekin, Ariel Zetlin-Jones for invaluable suggestions and all the participants at the seminars in Bocconi, Carnegie Mellon, EIEF, Georgetown, Minnesota, Norwegian Business School, Paris School of Economics, Princeton, University of Lausanne, University of Vienna, Washington University, the SED 2013, the SITE 2013, the ESSET 2013 meeting in Gerzensee, 12th Hydra Workshop on Dynamic Macroeconomics and 2014 Econometric Society meeting in Minneapolis. Golosov thanks the NSF for support and the EIEF for hospitality. We thank Sergii Kiiashko and Pedro Olea for excellent 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.