BUFFER‐STOCK SAVING AND HOUSEHOLDS' RESPONSE TO INCOME SHOCKS
利用意大利家庭收入与财富调查数据，估计缓冲库存储蓄模型，发现意大利家庭对永久性收入冲击的平滑程度（12%）与模型预测（11%）接近，远低于美国数据中的平滑程度。
Abstract We exploit information on the joint dynamics of household labor income, consumption, and wealth in the Italian Survey of Household Income and Wealth to structurally estimate a buffer‐stock saving model. We compare the degree of consumption smoothing implied by the model to the corresponding empirical estimates based on the same data set. We estimate that Italian households smooth 12% of permanent income shocks in the data that is comparable to the model counterpart of 11% . This result contrasts with existing evidence, and our own findings in this article, of substantially more consumption smoothing in U.S. data.