How Much Consumption Insurance Beyond Self-Insurance?
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We assess the degree of consumption smoothing implicit in a calibrated life-cycle version of the standard incomplete-markets model, and we compare it to the empirical estimates of Blundell et al. (2008) (BPP hereafter). We find that households in the model have access to less consumption-smoothing
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美国国家经济研究局创建时间：
2009-12-01
