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In this paper we examine the concept of quot;vulnerabilityquot; (Townsend 1994) within thecontext of income mobility of the poor. We test for the dynamics of vulnerablehouseholds in the UK using Waves 1 - 12 of the British Household Panel Survey andfind that, of three different types of risks...
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This paper uses the global systemic shock associated with the outbreak of the novel coronavirus COVID-19 to assess the risk-return relationship in the cross-section of real estate equities internationally. I construct a global COVID-19 risk factor to capture the risk exposure of individual...
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We investigate the impact of exogenous income fluctuations on health using twenty years of data from the Panel Study of … Income Dynamics using techniques from the literature on the estimation of dynamic panel data models. Contrary to much of the … previous literature on health and socio-economic status, we find that, on average, adverse income shocks lead to a …
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Counter-cyclical variation in individuals' idiosyncratic labor income risk could generate substantial welfare costs. Following past research, we infer income volatility - the variance of permanent income shocks, a standard proxy for income risk - from the rate at which cross-sectional variances...
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