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Partial Insurance and Consumption inequality

By Richard Blundell, Luigi Pistaferri and Ian Preston

Abstract

• Inequality has many linked dimensions: wages, incomes and consumption • The literature on the first two types is huge • The literature on consumption inequality is less developed, but growing. • The link between the various types of inequality is mediated by multiple insurance mechanisms • The amount of insurance available to consumers depends on the durability of income shocks • The more persistent are income shocks, the lower is the amount of insuranceThis paper • Uses the evolution of income and consumption inequality in the US to identify – Income inequality due to permanent and transitory component

Year: 2014
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