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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP8701 |
DP8701 The wrong shape of insurance? What cross-sectional distributions tell us about models of consumption-smoothing | |
Tobias Broer | |
发表日期 | 2011-12-01 |
出版年 | 2011 |
语种 | 英语 |
摘要 | This paper shows how two standard models of consumption risk-sharing - self-insurance through borrowing and saving and limited commitment to insurance contracts - replicate similarly well the standard, second-moment measures of insurance observed in US micro-data. A non-parametric analysis, however, reveals strongly contrasting and counterfactual joint distributions of consumption, income and wealth. Method of moments estimation shows how measurement error in consumption eliminates excessive skewness and concentration of consumption growth. Moreover, counterfactual non-linearities disappear at high estimated risk-aversion under self-insurance, but are a robust feature of limited commitment. Its "shape of insurance" thus argues strongly in favour of the self-insurance model. |
主题 | International Macroeconomics |
关键词 | Limited commitment Risk sharing Wealth and consumption distribution |
URL | https://cepr.org/publications/dp8701 |
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/537537 |
推荐引用方式 GB/T 7714 | Tobias Broer. DP8701 The wrong shape of insurance? What cross-sectional distributions tell us about models of consumption-smoothing. 2011. |
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