Arbeitspapier
Buffer-Stock Saving and Households' Response to Income Shocks
We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The estimated model implies that Italian households can insure between 89 and 95 percent of a transitory and between 7 and 9 percent of a permanent income shock. Compared to existing empirical estimates for the same dataset, our findings suggest that Italian households do not have access to significant insurance beyond self-insurance.
- Sprache
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Englisch
- Erschienen in
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Series: IZA Discussion Papers ; No. 10311
- Klassifikation
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Wirtschaft
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
Macroeconomics: Consumption; Saving; Wealth
- Thema
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consumption
wealth
income shocks
incomplete markets
insurance
- Ereignis
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Geistige Schöpfung
- (wer)
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Fella, Giulio
Frache, Serafin
Koeniger, Winfried
- Ereignis
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Veröffentlichung
- (wer)
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Institute for the Study of Labor (IZA)
- (wo)
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Bonn
- (wann)
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2016
- Handle
- Letzte Aktualisierung
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20.09.2024, 08:21 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Fella, Giulio
- Frache, Serafin
- Koeniger, Winfried
- Institute for the Study of Labor (IZA)
Entstanden
- 2016