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X-WR-CALNAME;VALUE=TEXT:TSE
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TZID:Europe/Paris
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DTSTART:20231029T030000
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BEGIN:VEVENT
UID:calendar.132540.field_date.0@www.tse-fr.eu
DTSTAMP:20260308T112640Z
CREATED:20230907T141001Z
DESCRIPTION:Stephane Verani (Federal Reserve Board)\, “What's Wrong with An
 nuity Markets?”\, Finance Seminar\, Toulouse: TSE\, September 22\, 2023\, 
 14:00–15:15\, room Auditorium 4.\n\nWe show that the supply of U.S. life a
 nnuities is constrained by interest rate risk. We identify this eect using
  annuity prices oered by life insurers from 1989 to 2019 and exogenous var
 iations in contract-level regulatory capital requirements. The cost of int
 erest rate risk management|conditional on the effect of adverse selection|
 accounts for about half of annuity markups\, or 8 percentage points. The c
 ontribution of interest rate risk to annuity markups sharply increased aft
 er the Global Financial Crisis\, suggesting new retirees' opportunities to
  transfer their longevity risk are unlikely to improve in a persistently l
 ow interest rate environment.
DTSTART;TZID=Europe/Paris:20230922T150000
DTEND;TZID=Europe/Paris:20230922T161500
LAST-MODIFIED:20260113T095129Z
LOCATION:Toulouse: TSE\, September 22\, 2023\, 14:00–15:15\, room Auditoriu
 m 4
SUMMARY:Finance Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2023-whats-wrong-annuity-market
 s
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