Consumption Inequality and Family Labor Supply
利用生命周期模型研究工资不平等与消费不平等的关系，发现家庭劳动供给能有效平滑永久性工资冲击，在考虑家庭劳动、资产和税收后，几乎没有额外保险的证据。
We examine the link between wage and consumption inequality using a life-cycle model incorporating consumption and family labor supply decisions. We derive analytical expressions for the dynamics of consumption, hours, and earnings of two earners in the presence of correlated wage shocks, nonseparability, progressive taxation, and asset accumulation. The model is estimated using panel data for hours, earnings, assets, and consumption. We focus on family labor supply as an insurance mechanism and find strong evidence of smoothing of permanent wage shocks. Once family labor supply, assets, and taxes are properly accounted for there is little evidence of additional insurance.