The Geography of Intercity Risk-Sharing

Andrea Lamorgese

No 1692, Econometric Society World Congress 2000 Contributed Papers from Econometric Society

Abstract: This paper investigates the channels of risk sharing among the cities of the United States. Contributions for social security and government transfers (government channel) take the bulk of smoothing (17%), and intercity mobility ranks high: about 6% of income shocks are smoothed via the choice of working in another city than the place of residence. The empirical analysis shows another interesting result: cities facing lower income volatility also smooth a smaller share of it, probably reflecting easier access to the credit channel. Finally, the analysis in the frequency domain shows that income smoothing is achieved via different channels and to a different extent over the business cycle.

Date: 2000-08-01
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