中文摘要
我们研究了同时经历正向暂时性收入冲击（一次性遣散费）与负向持久性收入冲击（裁员）的工人的支出特征。利用巴西的去标识化支出与就业数据，我们表明，尽管工人经历了14%的长期损失，其在裁员时的支出仍增加了35%。我们发现，在各消费类别以及包括可预测的收入下降在内的多种变异来源中，支出对手头现金均具有高敏感性。一个包含现时偏向型工人的模型可以合理化我们的发现，并强调了福利支付时机对就业置换保险政策消费平滑收益的重要性。（JEL D12, G51, J65, J63, O12）
Abstract
We study the spending profile of workers who experience both a positive transitory income shock (lump-sum severance pay) and a negative permanent income shock (layoff). Using de-identified expenditure and employment data from Brazil, we show that workers increase spending at layoff by 35 percent despite experiencing a 14 percent long-term loss. We find high sensitivity of spending to cash-on-hand across consumption categories and for several sources of variation, including predictable income drops. A model with present-biased workers can rationalize our findings, and highlights the importance of the timing of benefit disbursement for the consumption-smoothing gains of job displacement insurance policies. (JEL D12, G51, J65, J63, O12)