the one hand, as wage uncertainty rises, so does the cost associated with missing insurance markets. On the other hand …

cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After … and the cyclical fluctuations in income inequality. The rise in income inequality was stronger at the bottom of the … distribution. Consumption inequality increased less than disposable income inequality, and tracked the latter much more closely at …

propensities to consume out of additional income. We document the existence of such households in data from the Survey of Consumer …

hand-to-mouth suggests that these households may have a high marginal propensity to consume out of transitory income …

Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of … repeated cross-section data on consumption and income to decompose idiosyncratic changes in income into predictable life … evolution of consumption and income inequality well and delivers two main results. First, we find that permanent changes in …

Private pension provision faces the challenging task of providing stable income streams during retirement. The … pension: the Personal Pension with Risk sharing (PPR). By unbundling and valuing the investment, (dis)saving, insurance and … heterogeneous individuals. Moreover, unlike variable annuities, PPRs allow investment risks to be combined with longevity insurance …

This paper decomposes the sources of risk to income that individuals face over their lifetimes. We distinguish … productivity risk from employment risk and identify the components of each using the Survey of Income and Program Participation and … the Panel Study of Income Dynamics. Estimates of productivity risk controlling for employment risk and for individual …

This paper estimates the heterogeneous responses to the 2001 income tax rebates across endogenously determined groups … of American households. Around 45% of the sample saved the entire value of the rebate. Another 20%, with low income and …% of households, with higher income or liquid wealth. The estimated heterogeneity implies that the tax rebates added a 3 …

. Another 20%, with low income and more likely to rent, spent a small but significant amount. Households with large spending …

extant research on consumption insurance find that people face substantial risks that they do not fairly pool. In theory, the …