How Do Households Respond to Job Loss? Lessons from Multiple High-Frequency Datasets
American Economic Journal: Applied Economics · 2023 · Asger Lau Andersen、Amalie Jensen、Niels Johannesen、Claus Thustrup Kreiner、Søren Leth‐Petersen、Adam Sheridan
中文摘要
家庭在多大程度上、通过哪些渠道对失业进行自我保险？结合来自一家大型银行和政府来源的数据，我们在一个统一的实证框架中量化了家庭对失业的广泛反应。在两年期间累计，家庭支出减少了其收入损失的30%。他们主要通过调整流动性余额进行自我保险，这弥补了50%的收入损失。其他渠道——配偶劳动供给、私人转移支付、房屋净值提取、抵押贷款再融资和消费信贷——对自我保险的贡献较小。总体自我保险及其渠道均以符合直觉的方式随家庭特征而变化。(JEL D12, G21, G51, J64, J65)
Abstract
How much and through which channels do households self-insure against job loss? Combining data from a large bank and from government sources, we quantify a broad range of responses to job loss in a unified empirical framework. Cumulated over a two-year period, households reduce spending by 30 percent of their income loss. They mainly self-insure through adjustments of liquid balances, which account for 50 percent of the income loss. Other channels—spousal labor supply, private transfers, home equity extraction, mortgage refinancing, and consumer credit—contribute less to self-insurance. Both overall self-insurance and the channels vary with household characteristics in intuitive ways. (JEL D12, G21, G51, J64, J65)