TY  - UNPD
A1  - Jappelli, Tullio
A1  - Pistaferri, Luigi
T1  - Intertemporal choice and consumption mobility
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2005,28
N2  - The theory of intertemporal consumption choice makes sharp predictions about the evolution of the entire distribution of household consumption, not just about its conditional mean. In the paper, we study the empirical transition matrix of consumption using a panel drawn from the Bank of Italy Survey of Household Income and Wealth. We estimate the parameters that minimize the distance between the empirical and the theoretical transition matrix of the consumption distribution. The transition matrix generated by our estimates matches remarkably well the empirical matrix, both in the aggregate and in samples stratified by education. Our estimates strongly reject the consumption insurance model and suggest that households smooth income shocks to a lesser extent than implied by the permanent income hypothesis. Klassifikation: D52, D91, I30
T3  - CFS working paper series - 2005, 28 
KW  - Consumption Dynamics
KW  - Mobility
KW  - Kaufentscheidung
KW  - Haushalt
KW  - Einkommen
KW  - Vermögen
KW  - Wohlstand
Y1  - 2005
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3058
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-23408
ER  -