Saving and Portfolio Allocation Before and After Job Loss
利用挪威行政面板数据，研究了家庭在失业前后9年间的劳动收入、金融财富和资产持有变化，发现失业前家庭会增加储蓄并转向安全资产，失业后则消耗储蓄。
We investigate the development of household labor income, financial wealth, and asset holdings over a 9‐year period around job loss, using unique administrative panel data from Norway. Consistent with predictions from theory, the data show additional saving and a shift toward safer assets in the years leading up to unemployment, and depletion of savings after job loss. In the years after job loss, the households' after‐tax labor income is reduced by about USD 12,500. Over the same time period, households deplete USD 3,000 of their financial assets, of which one third is accumulated prior to the job loss. This suggests that at least some households can foresee and prepare for the upcoming unemployment, which indicates that private savings can, to some extent, serve as a substitute for publicly provided unemployment insurance.