| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24326 |
| 来源ID | Working Paper 24326 |
| Nonlinear Household Earnings Dynamics, Self-insurance, and Welfare | |
| Mariacristina De Nardi; Giulio Fella; Gonzalo Paz Pardo | |
| 发表日期 | 2018-02-19 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Earnings dynamics are much richer than typically assumed in macro models with heterogeneous agents. This holds for individual-pre-tax and household-post-tax earnings and across administrative (Social Security Administration) and survey (Panel Study of Income Dynamics) data. We estimate two alternative processes for household after-tax earnings and study their implications using a standard life-cycle model. Both processes feature a persistent and a transitory component, but while the first one is the canonical linear process with stationary shocks, the second one has substantially richer earnings dynamics, allowing for age-dependence of moments, non-normality, and nonlinearity in previous earnings and age. Allowing for richer earnings dynamics implies a substantially better fit of the evolution of cross-sectional consumption inequality over the life cycle and of the individual-level degree of consumption insurance against persistent earnings shocks. The richer earnings process also implies lower welfare costs of earnings risk. |
| 主题 | Macroeconomics ; Consumption and Investment ; Public Economics ; Taxation ; Labor Economics ; Labor Compensation |
| URL | https://www.nber.org/papers/w24326 |
| 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/581999 |
| 推荐引用方式 GB/T 7714 | Mariacristina De Nardi,Giulio Fella,Gonzalo Paz Pardo. Nonlinear Household Earnings Dynamics, Self-insurance, and Welfare. 2018. |
| 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 | ||
| w24326.pdf（876KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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