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Shocks, Stocks and Socks: Consumption Smoothing and the Replacement of Durables During an Unemployment Spell

Author

Listed:
  • Browning, M.
  • Crossley, T.

Abstract

We present theoretical and empirical results on consumption during an enmployment spell.

Suggested Citation

  • Browning, M. & Crossley, T., 1999. "Shocks, Stocks and Socks: Consumption Smoothing and the Replacement of Durables During an Unemployment Spell," Papers 376, Australian National University - Department of Economics.
  • Handle: RePEc:fth:aunaec:376
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    References listed on IDEAS

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    1. James Ted McDonald & Christopher Worswick, 1998. "The Earnings of Immigrant Men in Canada: Job Tenure, Cohort, and Macroeconomic Conditions," ILR Review, Cornell University, ILR School, vol. 51(3), pages 465-482, April.
    2. Chiswick, Barry R, 1978. "The Effect of Americanization on the Earnings of Foreign-born Men," Journal of Political Economy, University of Chicago Press, vol. 86(5), pages 897-921, October.
    3. Borjas, George J, 1985. "Assimilation, Changes in Cohort Quality, and the Earnings of Immigrants," Journal of Labor Economics, University of Chicago Press, vol. 3(4), pages 463-489, October.
    4. David Card & W. Craig Riddell, 1993. "A Comparative Analysis of Unemployment in Canada and the United States," NBER Chapters,in: Small Differences That Matter: Labor Markets and Income Maintenance in Canada and the United States, pages 149-190 National Bureau of Economic Research, Inc.
    5. Michael Baker & Dwayne Benjamin, 1995. "The Receipt of Transfer Payments by Immigrants to Canada," Journal of Human Resources, University of Wisconsin Press, vol. 30(4), pages 650-676.
    6. George J. Borjas & Lynette Hilton, 1996. "Immigration and the Welfare State: Immigrant Participation in Means-Tested Entitlement Programs," The Quarterly Journal of Economics, Oxford University Press, vol. 111(2), pages 575-604.
    7. David Card & Richard B. Freeman, 1993. "Small Differences That Matter: Labor Markets and Income Maintenance in Canada and the United States," NBER Books, National Bureau of Economic Research, Inc, number card93-1, January.
    8. Baker, Michael & Benjamin, Dwayne, 1994. "The Performance of Immigrants in the Canadian Labor Market," Journal of Labor Economics, University of Chicago Press, vol. 12(3), pages 369-405, July.
    9. James Ted McDonald & Christopher Worswick, 1997. "Unemployment Incidence of Immigrant Men in Canada," Canadian Public Policy, University of Toronto Press, vol. 23(4), pages 353-373, December.
    10. James Ted McDonald & Christopher Worswick, 1999. "Wages, Implicit Contracts, and the Business Cycle: Evidence from Canadian Micro Data," Journal of Political Economy, University of Chicago Press, vol. 107(4), pages 884-913, August.
    11. Harriet Duleep & Mark Regets, 1997. "Measuring immigrant wage growth using matched CPS files," Demography, Springer;Population Association of America (PAA), vol. 34(2), pages 239-249, May.
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    Citations

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    Cited by:

    1. Rasmus Lentz & Torben Tranaes, 2000. "Job Search, Savings and Wealth Effects," Econometric Society World Congress 2000 Contributed Papers 1447, Econometric Society.
    2. Christopher Farr and Maria J. Luengo-Prado, 2001. "The Implications of Lower Down Payments on Consumption Volatility," Computing in Economics and Finance 2001 196, Society for Computational Economics.
    3. Rasmus Lentz & Torben Tranas, 2005. "Job Search and Savings: Wealth Effects and Duration Dependence," Journal of Labor Economics, University of Chicago Press, vol. 23(3), pages 467-490, July.
    4. B. Garbinti & P. Lamarche, 2014. "Do the High-Income Households Save More?," Documents de Travail de la DESE - Working Papers of the DESE g2014-10, Institut National de la Statistique et des Etudes Economiques, DESE.
    5. Rong Hai & Dirk Krueger & Andrew Postlewaite, 2013. "On the Welfare Cost of Consumption Fluctuationsin the Presence of Memorable Goods," PIER Working Paper Archive 13-046, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    6. Bentolila, Samuel & Ichino, Andrea, 2000. "Unemployment and Consumption: Are Job Losses Less Painful near the Mediterranean?," CEPR Discussion Papers 2539, C.E.P.R. Discussion Papers.
    7. Martin Browning & Thomas F. Crossley, 2001. "The Life-Cycle Model of Consumption and Saving," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 3-22, Summer.
    8. Rolf Aaberge & Magne Mogstad, 2006. "On the Definition and Measurement of Chronic Poverty," ICER Working Papers 36-2006, ICER - International Centre for Economic Research.
    9. Attanasio, Orazio P. & Szekely, Miguel, 2004. "Wage shocks and consumption variability in Mexico during the 1990s," Journal of Development Economics, Elsevier, pages 1-25.
    10. Rong Hai & Andrew Postlewaite & Dirk Krueger, 2013. "On the Welfare Cost of Consumption Fluctuations in the Presence of Memorable Goods, Second Version," PIER Working Paper Archive 14-012, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 15 Apr 2014.
    11. Jesus Fernández-Villaverde & Dirk Krueger, 2007. "Consumption over the Life Cycle: Facts from Consumer Expenditure Survey Data," The Review of Economics and Statistics, MIT Press, vol. 89(3), pages 552-565, August.
    12. Orazio P. Attanasio & Miguel Székely, 2001. "Wage Shocks and Consumption Variability in Mexico during the 1990s," IDB Publications (Working Papers) 3291, Inter-American Development Bank.
    13. Miguel Székely & Orazio P. Attanasio, 2001. "Sacudidas salariales y variabilidad del consumo en México durante los años 90," Research Department Publications 4266, Inter-American Development Bank, Research Department.
    14. Andrew Benito, 2006. "Does job insecurity affect household consumption?," Oxford Economic Papers, Oxford University Press, vol. 58(1), pages 157-181, January.
    15. José Casado, 2011. "From income to consumption: measuring households partial insurance," Empirical Economics, Springer, pages 471-495.
    16. Jose Luengo-Prado, Maria, 2006. "Durables, nondurables, down payments and consumption excesses," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1509-1539, October.
    17. Egbert Jongen, 2009. "An analysis of individual accounts for the unemployment risk in the Netherlands," CPB Document 186, CPB Netherlands Bureau for Economic Policy Analysis.
    18. Jose Maria Casado, 2012. "Consumption partial insurance of Spanish households," Working Papers 1214, Banco de España;Working Papers Homepage.
    19. Namkee Ahn & Juan Ramón García & Juan F. Jimeno, "undated". "Well-being Consequences of Unemployment in Europe," Working Papers 2004-11, FEDEA.
    20. David J. McKenzie, 2001. "The Household Response to the Mexican Peso Crisis," Working Papers 01017, Stanford University, Department of Economics.

    More about this item

    Keywords

    CONSUMPTION ; UNEMPLOYMENT;

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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