Blundell, Pistaferri, and Preston (American Economic Review, 2008, 98(5), 1887-1921) report an estimate of household … maximum likelihood estimation (QMLE), which produces a significantly higher estimate of consumption insurance at 55%. For sub …

incomplete markets model and find that advance information reduces households' income forecast errors by 15%. Our estimation …

Economic policy uncertainty is proven to have an important effect on household consumption. However, the literature on …, is limited. In this paper, we propose two channels through which economic policy uncertainty affects household … consumption, the precautionary saving channel and the investment-employment channel. Then, we use the household survey data (China …

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 …