Idiosyncratic Risk and Consumption Insurance Across the Italian Regions
This paper offers a brief survey of the empirical literature on the consumption insurance hypothesis and an econometric analysis of risk- sharing in an integrated economic area. The results indicate that the observed departures from full consumption smoothing across the Italian regions are positively correlated with the per-sistence of local output shocks.
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Volume (Year): 95 (2005)
Issue (Month): 2 (March-April)
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