Arbeitspapier
Impact of occupational unemployment risk on household spending
The life-cycle consumption and permanent income hypotheses predict that if workers face greater likelihood of unemployment in the future that lowers expected future income, they will save more today. In this paper, we test this hypothesis by looking at the expenditure response of workers to the change in unemployment risk measured at the occupational level. We find that occupational unemployment risk does not have a large impact on consumption expenditure. However, despite investigating multiple forms of occupational unemployment risk for multiple expenditure categories in two expenditure surveys (PSID, CEX), we do not obtain narrow confidence intervals for our estimates, so there remains a possibility of a limited impact.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Papers ; No. 22-7
- Klassifikation
-
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Unemployment: Models, Duration, Incidence, and Job Search
- Thema
-
unemployment risk
expenditure
life-cycle consumption
permanent income
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Cotton, Christopher D.
Garga, Vaishali
Rohan, Justin
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of Boston
- (wo)
-
Boston, MA
- (wann)
-
2022
- DOI
-
doi:10.29412/res.wp.2022.07
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Cotton, Christopher D.
- Garga, Vaishali
- Rohan, Justin
- Federal Reserve Bank of Boston
Entstanden
- 2022
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