Consumption Inequality and Family Labor Supply

被引:188
作者
Blundell, Richard [1 ,2 ]
Pistaferri, Luigi [3 ,4 ,5 ]
Saporta-Eksten, Itay [1 ,6 ]
机构
[1] UCL, Dept Econ, Gower St, London WC1E 6BT, England
[2] Inst Fiscal Studies, Gower St, London WC1E 6BT, England
[3] Stanford Univ, Dept Econ, 579 Serra Mall, Stanford, CA 94305 USA
[4] Ctr Econ Policy Res, Washington, DC USA
[5] NBER, Cambridge, MA 02138 USA
[6] Tel Aviv Univ, Eitan Berglas Sch Econ, POB 39040, IL-6997801 Tel Aviv, Israel
基金
欧洲研究理事会;
关键词
LIFE-CYCLE MODEL; PARTIAL INSURANCE; COMMODITY DEMANDS; SELF-INSURANCE; INCOME; EARNINGS; UNCERTAINTY; CHOICES; TAXES; RISK;
D O I
10.1257/aer.20121549
中图分类号
F [经济];
学科分类号
02 ;
摘要
We examine the link between wage and consumption inequality using a life-cycle model incorporating consumption and family labor supply decisions. We derive analytical expressions for the dynamics of consumption, hours, and earnings of two earners in the presence of correlated wage shocks, nonseparability, progressive taxation, and asset accumulation. The model is estimated using panel data for hours, earnings, assets, and consumption. We focus on family labor supply as an insurance mechanism and find strong evidence of smoothing of permanent wage shocks. Once family labor supply, assets, and taxes are properly accounted for there is little evidence of additional insurance.
引用
收藏
页码:387 / 435
页数:49
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