Incomplete Intertemporal Consumption Smoothing and Incomplete Risk Sharing
提出一种联合估计跨期消费平滑程度和区域间风险分担程度的方法，对美国各州及OECD、欧盟国家的实证分析发现，国内的风险分担和消费平滑程度均高于跨国水平，且两者差异同样显著。
This paper develops a method to estimate jointly the degree of intertemporal consumption smoothing and the degree of “inter‐regional” risk sharing. The empirical results for the U.S. states and OECD and EU countries suggest that: (i) regardless of the assumption on the degree of intertemporal consumption smoothing, the degree of risk sharing within a country is larger than across countries; (ii) the degree of intertemporal consumption smoothing within a country is also larger than across countries; and (iii) the difference between the degree of intertemporal consumption smoothing within U.S. states and across OECD and EU countries is as large as the difference between the degree of risk sharing, contrary to the findings of some past studies.