How Do Households Respond to Job Loss? Lessons from Multiple High-Frequency Datasets
结合银行和政府高频数据，量化家庭在失业后两年内通过调整流动性储蓄（覆盖50%收入损失）等方式自我保险，总消费减少为收入损失的30%。
How much and through which channels do households self-insure against job loss? Combining data from a large bank and from government sources, we quantify a broad range of responses to job loss in a unified empirical framework. Cumulated over a two-year period, households reduce spending by 30 percent of their income loss. They mainly self-insure through adjustments of liquid balances, which account for 50 percent of the income loss. Other channels—spousal labor supply, private transfers, home equity extraction, mortgage refinancing, and consumer credit—contribute less to self-insurance. Both overall self-insurance and the channels vary with household characteristics in intuitive ways.