saving motive by eliciting subjective expectations on future consumption. We find that expected consumption risk is higher … estimate the degree of prudence by associating expected consumption risk with expected consumption growth. Robust OLS and IV … for the young and the self-employed, and is correlated positively with income risk. We insert these subjective …

saving motive by eliciting subjective expectations on future consumption. We find that expected consumption risk is higher … estimate the degree of prudence by associating expected consumption risk with expected consumption growth. Robust OLS and IV … for the young and the self-employed, and is correlated positively with income risk. We insert these subjective …

This paper studies the transmission of wage shocks into consumption across families that exhibit unobserved preference … heterogeneity. Heterogeneity and preferences over consumption and family labor supply are nonparametric. I show that any moment of … the joint distribution of policy-relevant wage elasticities of consumption and labor supply is identified separately from …

(positive) impact on households' consumption (savings), even after we control for family income. We argue that people save to … consumption is stronger for poorer and younger people, and income inequality stimulates more education investment, which are …

previous studies, we find lower and less persistent income uncertainties that call for a life cycle consumption profile with a …

degree of insurance. This, in turn, contributes to persistent racial differentials in life-cycle consumption. Starting from … the same position in the consumption distribution Blacks end up in a lower percentile than Whites after a few decades …. This is particularly marked for those Blacks who start at the top of the consumption distribution, where Whites are much …

This paper studies consumption and labor supply in a model where agents have partial insurance and face risk 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 …

This paper studies consumption and labor supply in a model where agents have partial insurance and face risk 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 …

This paper studies consumption and labor supply in a model where agents have partial insurance and face risk 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 …