Asymmetries in Earnings, Employment and Wage Risk in Great Britain

Spyridon Lazarakis, Jim Malley and Konstantinos Angelopoulos
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Spyridon Lazarakis: University of Glasgow
Konstantinos Angelopoulos: University of Glasgow

No 1314, 2017 Meeting Papers from Society for Economic Dynamics

Abstract: This paper examines the relationship between idiosyncratic earnings, employment and wage risk and fluctuations in aggregate labour market quantities for Great Britain. We use data from the British Household Panel Survey(BHPS) for 1991-2008 and from the BHPS sub-sample of Understanding Society for 2010-2014. We measure idiosyncratic risk by the relevant moments of the distribution of earnings, employment and wage shocks across individuals. Our main finding is that each of these measures of idiosyncratic labour income risk responds symmetrically to fluctuations in the labour market aggregates. Furthermore, we find evidence of insurance, both within the household and in the form of public insurance. However, household disposable income risk still increases with negative changes in mean earnings, implying that private and public of insurance do not eliminate the increase in risk.

Date: 2017
New Economics Papers: this item is included in nep-eur and nep-ias
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Citations: View citations in EconPapers (2)

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Related works:
Working Paper: Asymmetries in Earnings, Employment and Wage Risk in Great Britain (2017)
Working Paper: Asymmetries in earnings, employment and wage risk in Great Britain (2017)
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