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Consumption and labor supply with partial insurance : an analytical framework

Author: Jonathan Heathcote; Kjetil Storesletten; Giovanni L Violante; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2009.
Series: Working paper series (National Bureau of Economic Research), no. 15257.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper studies consumption and labor supply in a model where agents have partial insurance and face risk and initial heterogeneity in wages and preferences. Equilibrium allocations and variances and covariances of wages, hours and consumption are solved for analytically. We prove that all parameters of the structural model are identified given panel data on wages and hours, and cross-sectional data on  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jonathan Heathcote; Kjetil Storesletten; Giovanni L Violante; National Bureau of Economic Research.
OCLC Number: 430930529
Notes: "August 2009."
Description: 1 online resource (47 pages) : illustrations, digital.
Series Title: Working paper series (National Bureau of Economic Research), no. 15257.
Responsibility: Jonathan Heathcote, Kjetil Storesletten, Giovanni L. Violante.

Abstract:

This paper studies consumption and labor supply in a model where agents have partial insurance and face risk and initial heterogeneity in wages and preferences. Equilibrium allocations and variances and covariances of wages, hours and consumption are solved for analytically. We prove that all parameters of the structural model are identified given panel data on wages and hours, and cross-sectional data on consumption. The model is estimated on US data. Second moments involving hours and consumption show that the rise in wage dispersion in the 1970s was effectively insured by households, while the rise in the 1980s was not.

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