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Families as Shocks

  • Luis Cubbedu

    (IMF)

  • Jose-Victor Rios-Rull

    (University of Pennsylvania and CAERP)

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    In this paper we show the quantitative importance of the process that determines changes in family composition to determine the main macroeconomic magnitudes. We do so by modelling family type as a stochastic process that affects households in a way similar to shocks to earnings. Agents respond to these process by optimally choosing savings. We show that the size of savings differs dramatically depending on the details of the stochastic process. The model is quantitative: its fundamental parameters are estimated using U.S. data.

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    File URL: http://www.ssc.upenn.edu/~vr0j/papers/papven.pdf
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    Paper provided by Centro de Altisimos Estudios Rios Perez (CAERP) in its series Centro de Alti­simos Estudios Ri­os Pe©rez(CAERP) with number 1.

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    Length: 16 pages
    Date of creation: Aug 2002
    Date of revision:
    Handle: RePEc:cae:caerpp:1
    Contact details of provider: Postal: Calle Pérez de Rosas 4, Santa Cruz de Tenerife 38004
    Web page: http://www.caerp.com/

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