Fella, Giulio; Frache, Serafin; Koeniger, Winfried - 2016
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. The … of a permanent income shock. Compared to existing empirical estimates for the same dataset, our findings suggest that …