Consumption Inequality and Partial Insurance

American Economic Review - Tập 98 Số 5 - Trang 1887-1921 - 2008
Richard Blundell1, Luigi Pistaferri2, Ian Preston1
1Department of Economics, University College London, Gower Street, London WC1E 6BT, UK, and Institute for Fiscal Studies.
2Department of Economics, Stanford University, Stanford, CA 94305.

Tóm tắt

This paper examines the link between income and consumption inequality. We create panel data on consumption for the Panel Study of Income Dynamics using an imputation procedure based on food demand estimates from the Consumer Expenditure Survey. We document a disjuncture between income and consumption inequality over the 1980s and show that it can be explained by changes in the persistence of income shocks. We find some partial insurance of permanent shocks, especially for the college educated and those near retirement. We find full insurance of transitory shocks except among poor households. Taxes, transfers, and family labor supply play an important role in insuring permanent shocks. (JEL D12, D31, D91, E21)

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American Economic Review

Tập 98 Số 5

1887-1921

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