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Lessons from Multiple High-frequency Data Sets
出版CEBI, Department of Economics, University of Copenhagen, 2020
URLhttp://books.google.com.hk/books?id=Yjl9zgEACAAJ&hl=&source=gbs_api
註釋How do households respond to job loss, and which self-insurance channels are most important? By linking high-frequency customer data from the largest bank in Denmark with government administrative registers, we quantify a broad range of responses to job loss in a unified empirical framework. Two responses stand out: during the first 24 months after job loss, reductions in household spending account for 30% of the income loss, while lower saving in liquid assets accounts for 50%. Other response margins highlighted in the literature -- spousal labor supply, private transfers, home equity extraction, mortgage refinancing, and consumer credit -- are less important.