| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11809 |
| DP11809 Firm-Related Risk and Precautionary Saving Response | |
| Luigi Guiso; Luigi Pistaferri; Andreas Fagereng | |
| 发表日期 | 2017-01-26 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We propose a new approach to identify the strength of the precautionary motive and the extent of self-insurance in response to earnings risk based on Euler equation estimates. To address endogeneity problems, we use Norwegian administrative data and instrument consumption and earnings volatility with the variance of firm-specific shocks. The instrument is valid because firms pass some of their productivity shocks onto wages; moreover, for most workers firm shocks are hard to avoid. Our estimates suggest a coefficient of relative prudence of 2, in a very plausible range. |
| 主题 | Financial Economics |
| 关键词 | Precautionary savings Firm shocks Self-insurance |
| URL | https://cepr.org/publications/dp11809 |
| 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/540622 |
| 推荐引用方式 GB/T 7714 | Luigi Guiso,Luigi Pistaferri,Andreas Fagereng. DP11809 Firm-Related Risk and Precautionary Saving Response. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
