| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2183 |
| DP2183 Regionalism in the Nineties: What Effect on Trade? | |
| L. Alan Winters; Isidro Soloaga | |
| 发表日期 | 1999-06-28 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | The theory of full consumption insurance posits that households are insulated from all idiosyncratic shocks so that the ratio of the marginal utilities of consumption of any two households is constant over time. Consumption insurance therefore implies absence of consumption mobility between any two time periods. This implication requires knowledge of the evolution of the entire consumption distribution, not just its mean as in standard tests of complete markets. We test this unexplored prediction of the theory using a panel drawn from the Bank of Italy Survey of Household Income and Wealth. We design an appropriate non-parametric test and find substantial mobility of consumption even controlling for possible preference shifts and measurement error in consumption. The findings strongly reject the theory of full consumption insurance. |
| 主题 | International Macroeconomics |
| 关键词 | Consumption insurance Mobility |
| URL | https://cepr.org/publications/dp2183 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531289 |
| 推荐引用方式 GB/T 7714 | L. Alan Winters,Isidro Soloaga. DP2183 Regionalism in the Nineties: What Effect on Trade?. 1999. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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