"We assess the degree of consumption smoothing implicit in a calibrated life-cycle version of the standard incomplete … the model have access to less consumption-smoothing against permanent earnings shocks than what is measured in the data …. BPP estimate that 36% of permanent shocks are insurable (i.e., do not translate into consumption growth), whereas the …

We assess the degree of consumption smoothing implicit in a calibrated life-cycle version of the standard incomplete … the model have access to less consumption-smoothing against permanent earnings shocks than what is measured in the data …. BPP estimate that 36% of permanent shocks are insurable (i.e., do not translate into consumption growth), whereas the …

partial insurance of parental investments against permanent income shocks, but the magnitude of the estimated responses is …This paper studies the impact of permanent and transitory shocks to income on parental investments in children. We use … panel data on family income, and an index of investments in children in time and goods, from the Children of the National …

partial insurance of parental investments against permanent income shocks, and we cannot reject the hypothesis full insurance … 10% of family income leads, at most, to an increase in investments of 1.3% of a standard deviation. -- insurance ; human …This paper studies the impact of permanent and transitory shocks to income on parental investments in children. We use …

partial insurance of parental investments against permanent income shocks, but the magnitude of the estimated responses is …This paper studies the impact of permanent and transitory shocks to income on parental investments in children. We use … panel data on family income, and an index of investments in children in time and goods, from the Children of the National …