Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/184776 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Working Paper No. 825
Verlag: 
Queen Mary University of London, School of Economics and Finance, London
Zusammenfassung: 
We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk implied by the estimated model. We find that Italian households insure between 89 and 95 percent of a transitory and between 7 and 9 percent of a permanent income shock. Our estimates are in line with empirical estimates for the same dataset, that do not impose any model structure on the consumption process. This suggests that Italian households do not have access to significant insurance beyond that implied by self-insurance.
Schlagwörter: 
Consumption
Wealth
Incomplete markets
Insurance
JEL: 
D91
E21
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.24 MB





Publikationen in EconStor sind urheberrechtlich geschützt.