Imputing consumption in the PSID using food demand estimates from the CEX
Imputing consumption in the PSID using food demand estimates from the CEX
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DOI：
10.1920/wp.ifs.2004.0427
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发表时间：
2004-10
期刊：
影响因子：
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通讯作者：
R. Blundell;Luigi Pistaferri;I. Preston
中科院分区：
文献类型：
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作者：
R. Blundell;Luigi Pistaferri;I. Preston
本文利用收入和消费数据，评估了将收入风险分解为永久性和暂时性风险的准确性。我们开发了最优消费增长规则的具体近似，并使用蒙特卡罗证据表明，该近似可以提供分解收入风险的稳健方法。资产数据的可用性使我们能够使用更准确的近似值，从而实现对永久性冲击的部分自我保险。我们表明，使用中位数资产持有量的数据纠正了简单近似中的大部分误差，该近似假设没有针对永久冲击的自我保险。
This paper assesses the accuracy of decomposing income risk into permanent and transitory components using income and consumption data. We develop a specific approximation to the optimal consumption growth rule and use Monte Carlo evidence to show that this approximation can provide a robust method for decomposing income risk. The availability of asset data enables the use of a more accurate approximation allowing for partial sef-insurance against permanent shocks. We show that the use of data on median asset holdings corrects much of the error in the simple approximation which assumes no self-insurance against permanent shocks.