both differences in social security payments and different age-income profiles. -- Long-term unemployment ; social security …

Financial markets provide imperfect insurance of labor income risk. However, workers can partly insure against labor …

While recently more and more research has focused on the aggregate response of consumption to income shocks, little is … known about how this response differs for households at different ends of the income distribution. This paper investigates … how consumption reacts to transitory and permanent shocks to disposable income for households with an income above or …

idiosyncratic labor income risk. Ceteris paribus, an individual would prefer to marry a "hedge" (i.e. a spouse whose income is … love is very persistent, for example, and the resolution of uncertainty to agents' income is early, then those who in fact … resolution of uncertainty to agents' income is predominantly later, then those who in fact marry hedges will in fact be less …

We investigate the relevance of aggregate and consumer-specific income uncertainty for aggregate consumption changes in … the US over the period 1952-2001. Theoretically, the effect of income risk on consumption changes is decomposed into an … aggregate and into a consumer-specific part. Empirically, aggregate risk is modelled through a GARCH process on aggregate income …

This paper empirically investigates the effects of changes in the interest rate as well as transitory income … significant effects of precautionary savings on the consumption-savings decision. As a result of a doubling of transitory income …

It is well-known in the literature that income per capita is strongly correlated with the level of democracy across … income to democracy even after controlling for country-specific effects. While a positive effect emerges for poor countries …

We study the trend in household income uncertainty using a novel approach that measures income uncertainty as the … variance of forecast errors at each future horizon separately without imposing parametric restrictions on the underlying income … shocks. We find that household income uncertainty has risen significantly and persistently since the early 1970s. For example …