TY  - UNPD
A1  - Fella, Giulio
A1  - Frache, Serafin
A1  - Koeniger, Winfried
T1  - Buffer-stock saving and households' response to income shocks
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 570
N2  - We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The estimated model implies that Italian households can insure between 89 and 95 percent of a transitory and between 7 and 9 percent of a permanent income shock. Compared to existing empirical estimates for the same dataset, our findings suggest that Italian households do not have access to significant insurance beyond self-insurance.
T3  - CFS working paper series - 570 
KW  - Consumption
KW  - Wealth
KW  - Incomplete markets
KW  - Insurance
Y1  - 2017
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/42803
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-428033
UR  - https://ssrn.com/abstract=2947137
IS  - (Oktober 20, 2016)
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -