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This article surveys the literature on consumption risk sharing, focusing on the findings for the euro area and for the … United States, but also presenting evidence for other countries. The literature examined found that risk sharing is higher in … the same time, our analysis of the response to the COVID-19 crisis indicates that risk sharing in the euro area has been …
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extended version of the consumption risk-sharing hypothesis. The test explicitly incorporates self-production and uses natural … disasters such as avian influenza, droughts, and floods to identify the effectiveness of market and non-market risk …-sharing mechanisms. With these additional treatments, full risk sharing cannot be rejected, which suggests the presence of omitted …
Persistent link: https://www.econbiz.de/10009154054
is determined by policy uncertainty and risk-aversion, which further control the announcement effects of the new policy …, households' risk-aversion reduces the jump in households' health status once the implementation of the new policy is announced …
Persistent link: https://www.econbiz.de/10013231677
is determined by policy uncertainty and risk-aversion, which further control the announcement effects of the new policy …, households' risk-aversion reduces the jump in households' health status once the implementation of the new policy is announced …
Persistent link: https://www.econbiz.de/10013307731
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This paper uses transaction-level customer data from the largest bank in Denmark to estimate the change in consumer spending caused by the COVID-19 pandemic and the resulting shutdown of the Danish economy. We find that aggregate spending was on average 27% below the counterfactual level without...
Persistent link: https://www.econbiz.de/10012833102