/dissavings (40% and 47% in 2008-2010 and 2010-2012, respectively), and within‐household risk‐sharing (16% and 14%). Interestingly …This paper aims to fill the gaps in the analysis of risk‐sharing channels at the microlevel, both within and across … households. Using data from the Bank of Italy's Survey on Household Income and Wealth covering the financial crisis, we are able …

--956) test if risk sharing across households is complete in the sense that household consumption moves one-for-one with aggregate … consumption. In their studies the source of income risk is idiosyncratic, and agents can share risk across the entire economy …. Using a sample of households from the Panel Study on Income Dynamics (PSID), we explore whether households share the risk …

Households face earnings risk which is non-normal and varies by age and over the income distribution. We show that … assets. Because households are subject to more background risk than previously considered, the estimated model implies a … substantially lower coefficient of risk aversion. We also find renewed support for rule-of-thumb investment strategies under the …

and household welfare. We estimate Euler equations and measure the volatility of unpredictable changes in consumption as …, and document that despite the increase in household debt between 1983 and 2007, there was no decline in the proportion of …