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Nonlinear household earnings dynamics, self-insurance, and welfare

Author: Mariacristina De Nardi; Giulio Fella; Gonzalo Paz Pardo; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2018.
Series: Working paper series (National Bureau of Economic Research), no. 24326.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Earnings dynamics are much richer than typically assumed in macro models with heterogenous 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 study the implications of two household-post-tax earnings processes in a standard life-cycle model: the canonical earnings process (that  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Mariacristina De Nardi; Giulio Fella; Gonzalo Paz Pardo; National Bureau of Economic Research,
OCLC Number: 1027704397
Notes: "February 2018"
Description: 1 online resource (60 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 24326.
Responsibility: Mariacristina De Nardi, Giulio Fella, Gonzalo Paz Pardo.

Abstract:

Earnings dynamics are much richer than typically assumed in macro models with heterogenous 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 study the implications of two household-post-tax earnings processes in a standard life-cycle model: the canonical earnings process (that includes a persistent and a transitory shock) and a rich earnings dynamics process (that allows 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 the cross-sectional consumption inequality over the life cycle and of the individual-level degree of consumption insurance against persistent earnings shocks. Richer earnings dynamics also imply lower welfare costs of earnings risk, but, as the canonical earnings process, do not generate enough concentration at the upper tail of the wealth distribution.

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