A note on welfare and the economic shocks
The behaviour of the permanent and transitory economic shocks for different levels of household's welfare is studied using both consumption and income measures. After testing for heteroskedasticity of the economic shocks, we use local polynomial regression models to estimate the variance of the shocks conditional on welfare level. Italian data covering the period 1980-2004 show evidence of heteroskedasticity of both the transitory and the permanent economic shocks, with the poor experiencing higher variances. The permanent shocks seem to have a more uniform effect at all welfare levels.
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Volume (Year): 29 (2009)
Issue (Month): 3 ()
Pages: 1621-1630
| Handle: | RePEc:ebl:ecbull:eb-08i30024 |
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References listed on IDEAS
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- Deaton, Angus & Paxson, Christina, 1994.
"Intertemporal Choice and Inequality,"
Journal of Political Economy,
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- Andrea Brandolini & Luigi Cannari & Giovanni D’Alessio & Ivan Faiella, 2006. "Household Wealth Distribution in Italy in the 1990s," Chapters,in: International Perspectives on Household Wealth, chapter 7 Edward Elgar Publishing.
- Andrea Brandolini & Luigi Cannari & Giovanni D'Alessio & Ivan Faiella, 2004. "Household Wealth Distribution in Italy in the 1990s," Temi di discussione (Economic working papers) 530, Bank of Italy, Economic Research and International Relations Area.
- Andrea Brandolini & Giovanni D’Alessio & Luigi Cannari & Ivan Faiella, 2004. "Household Wealth Distribution in Italy in the 1990s," Economics Working Paper Archive wp_414, Levy Economics Institute.
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- Richard Blundell & Ian Preston, 1998. "Consumption Inequality and Income Uncertainty," The Quarterly Journal of Economics, Oxford University Press, vol. 113(2), pages 603-640.
- Richard Blundell & Ian Preston, 1997. "Consumption, inequality and income uncertainty," IFS Working Papers W97/15, Institute for Fiscal Studies.
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