منابع مشابه
Preliminary and Incomplete Comments Welcome Unemployment Insurance, Consumption Smoothing, and Private Insurance: Evidence from the PSID and CEX
Previous research on unemployment insurance (UI) has emphasized its disincentive effects for labor supply, but has largely ignored the insurance benefits provided by this public program. This paper directly assesses the consumption smoothing benefits of UI using two different sources of consumption data, the Panel Study of Income Dynamics (PSID) and the Consumer Expenditure Survey (CEX). The fo...
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We study how the 1997-1998 Asian Financial Crisis affected consumption smoothing across households in Korean prefectures. The crisis caused the cross-sectional mean and volatility of household consumption to fall substantially. We show that such falls bias two standard tests towards rejecting consumption risk sharing. Exploiting the different sizes of bias in these two tests, we find that full ...
متن کاملCrisis and Consumption Smoothing
The dramatic impact of the current crisis on performance of businesses across sectors and economies have been headlining the business press for the past many months. Extant reconciliations of these patterns in the popular press rely on ad-hoc reasoning. Using historical data on currency crisis episodes across the world, we examine how consumers respond to a crisis and identify interesting patte...
متن کاملUnderstanding Consumption Smoothing: Evidence from the US Consumer Expenditure Data∗
Consumption models with endogenous debt constraints differ from standard incomplete markets models in their predictions about an individual household’s ability to smooth consumption across time and states of the world. In this paper we develop these differences, both theoretically and quantitatively. We then use data from the US Consumer Expenditure Survey (CE) to assess along which dimensions ...
متن کاملInvestment , Hedging , and Consumption Smoothing ∗
This paper analyzes a risk averse entrepreneur’s real investment decision under incomplete markets. The entrepreneur smoothes his intertemporal consumption by investing in both a risk-free asset and a risky asset, which allows him to partially hedge against the project cash flow risk. We show that risk aversion lowers both the project value upon investment and the option value of waiting to inv...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2010
ISSN: 0304-3932
DOI: 10.1016/j.jmoneco.2010.08.009