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Wage risk and employment risk over the life-cycle

Luigi Pistaferri, Hamish Low and Costas Meghir

No 82, 2004 Meeting Papers from Society for Economic Dynamics

Abstract: We define the distinction between productivity and employment risk and estimate the components of risk using wage and mobility data from the Panel Study of Income Dynamics. We then calibrate a model of intertemporal consumption and labor supply and study the effect of the two sources of risk on precautionary saving and labor supply. Finally, we measure the relative welfare costs of employment and productivity risk and the insurance contents of simple government programs

Keywords: wage risk; unemployment risk; precautionary savings (search for similar items in EconPapers)
JEL-codes: D52 (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (6)

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Journal Article: Wage Risk and Employment Risk over the Life Cycle (2010) Downloads
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