A. Andersen, A. Jensen, Niels Johannesen, C. Kreiner, Søren Leth-Petersen, Adam Sheridan
{"title":"How Do Households Respond to Job Loss? Lessons from Multiple High-Frequency Data Sets","authors":"A. Andersen, A. Jensen, Niels Johannesen, C. Kreiner, Søren Leth-Petersen, Adam Sheridan","doi":"10.2139/ssrn.3578410","DOIUrl":null,"url":null,"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)","PeriodicalId":11689,"journal":{"name":"ERN: Commercial Banks (Topic)","volume":"6 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2020-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"19","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Commercial Banks (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3578410","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 19
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)
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
