Full Insurance in the Presence of Aggregate Uncertainty
检验完全消费保险的含义，通过回归家庭消费变化对总体消费变化及其他变量，判断个体消费是否只响应总体风险而不响应个体风险。
This paper tests implications of full consumption insurance. The object is to determine how much mileage can be obtained from a model with complete markets, with such features as private information or liquidity constraints omitted. The implication exploited is that individual consumption responds to aggregate risk but not to idiosyncratic risk. The test involves regressing the change in household consumption onto the change in aggregate consumption and other right-hand-side variables such as the change in household income and change in employment status. All variables other than the change in aggregate consumption are predicted to be insignificant in explaining the change in household consumption. Copyright 1991 by University of Chicago Press.