How much consumption insurance in the U.S

• 成果类型: Article
• 署名作者: Hryshko, Dmytro; Manovskii, Iourii
• 署名单位: University of Alberta; University of Pennsylvania
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2022.05.003
• 发表日期: 2022
• 页码: 17-33
• 关键词: Consumption insurance; Income processes; Incomplete markets models; attrition; Panel study of income dynamics

摘要

We identify two sets of households in the Panel Study of Income Dynamics (PSID) differing dramatically in their income and consumption dynamics, although both should be equally representative. The degree of consumption insurance in each subsample is consistent with the standard incomplete-markets model's prediction. We contrast PSID and administrative earnings data and study the patterns in international datasets modeled on the PSID. We find an important role of differential attrition based on the dynamic properties of incomes in inducing the differences and identify PSID households providing a better guide to in-come dynamics and consumption insurance in the U.S.(c) 2022 Elsevier B.V. All rights reserved.