| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7995 |
| 来源ID | Working Paper 7995 |
| Consumption and Risk Sharing Over the Life Cycle | |
| Kjetil Storesletten; Chris I. Telmer; Amir Yaron | |
| 发表日期 | 2000-11-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | A striking feature of U.S. data on income and consumption is that inequality increases with age. Using both panel data and an equilibrium life cycle model, we argue that this is informative for understanding the importance and the characteristics of idiosyncratic labor market risk. We find that uncertainty distributed throughout the working years accounts for 40 percent of life time uncertainty, with the remainder being realized prior to entering the labor market. We estimate that the shocks received over the life cycle contain a highly persistent component, with an autocorrelation coefficient between 0.98 and unity. The joint behavior of earnings and consumption inequality, interpreted using our model, adds to the body of evidence suggesting that labor market risks are imperfectly pooled and that a precautionary motive is an important aspect of U.S. savings behavior. The restrictions imposed by general equilibrium theory play an important role in arriving at each of these conclusions. |
| 主题 | Macroeconomics ; Consumption and Investment ; Microeconomics ; Market Structure and Distribution |
| URL | https://www.nber.org/papers/w7995 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565586 |
| 推荐引用方式 GB/T 7714 | Kjetil Storesletten,Chris I. Telmer,Amir Yaron. Consumption and Risk Sharing Over the Life Cycle. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7995.pdf（431KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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