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.
Volume (Year): 29 (2009)
Issue (Month): 3 ()
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- Andrea Brandolini & Luigi Cannari & Giovanni Dâ€™Alessio & Ivan Faiella, 2006.
"Household Wealth Distribution in Italy in the 1990s,"
in: International Perspectives on Household Wealth, chapter 7
Edward Elgar Publishing.
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- Richard Blundell & Ian Preston, 1998.
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- Angus Deaton & Christina Paxson, 1993.
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NBER Working Papers
4328, National Bureau of Economic Research, Inc.
- Andrea Brandolini & Piero Cipollone & Paolo Sestito, 2001. "Earnings Dispersion, Low Pay and Household Poverty in Italy, 1977-1998," Temi di discussione (Economic working papers) 427, Bank of Italy, Economic Research and International Relations Area.
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