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A Simple Test of Consumption Insurance
Abstract
Are consumers effectively insured against idiosyncratic shocks to income or wealth, either by formal institutions such as charities, private insurance, and government programs or by informal mechanisms such as gifts and "loans" from relatives, friends, and neighbors? Under full insurance, consumption growth should be cross-sectionally independent of idiosyncratic variables that are exogenous to consumers. This proposition is tested by cross-sectional regressions of consumption growth on a variety of exogenous variables. Full insurance is rejected for long illness and involuntary job loss, but not for spells of unemployment, loss of work due to strike, and an involuntary move.
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Citations
Cited by
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Deaton, A. (1997) · doi:10.1596/0-8018-5254-4 · Cited by 4,877
Household Balance Sheets, Consumption, and the Economic Slump*
Mian, A., Rao, K., & Sufi, A. (2013) · The Quarterly Journal of Economics · doi:10.1093/qje/qjt020 · Cited by 1,538
Transition Modeling and Econometric Convergence Tests
Phillips, P. C. B., & Sul, D. (2007) · Econometrica · doi:10.1111/j.1468-0262.2007.00811.x · Cited by 1,451
Risk Sharing and Transactions Costs: Evidence from Kenya's Mobile Money Revolution
Jack, W., & Suri, T. (2014) · American Economic Review · doi:10.1257/aer.104.1.183 · Cited by 1,435
Insuring Consumption Against Illness
Gertler, P., & Gruber, J. (2002) · American Economic Review · doi:10.1257/000282802760015603 · Cited by 835
Metadata
- Authors
- Cochrane, J. H.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1991-10
- Volume
- 99
- Issue
- 5
- Pages
- 957-976
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W2088336173
- Cited by
- 947
- References
- 0
- FWCI
- 78.28
- Type
- journal article
- Language
- en
- Open access
- closed
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