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Moving Back Home:

Insurance Against Labor Market Risk

moving_back_home_jan_10_2009[1].pdf (838.36 KB)

2010-1-8 17:50:50 上传

Abstract

This paper uses an estimated structural model to argue that the option to move in and out

of the parental home is an important insurance channel against labor market risk for low-

skilled youths. Using data from the NLSY97, I construct a new monthly panel of parent-youth

coresidence outcomes and use it to document an empirical relationship between these movements

and individual labor market events. The data is then used to estimate the parameters of a

dynamic game between youths and their altruistic parents, featuring coresidence, labor supply

and savings decisions. Parents can provide both monetary support through explicit .nancial

transfers, and non-monetary support in the form of shared residence. To account for the data,

two types of exogenous shocks are needed. Preference shocks are found to explain most of the

cross-section of living arrangements, while labor market shocks account for individual movements

in and out of the parental home. I use the model to show that coresidence is an important form

of insurance, particularly for youths from poorer families. The option to live at home also helps

to explain features of aggregate data for low-skilled young workers: their high elasticity of labor

supply and their relatively small consumption responses to labor market shocks. An important

implication is that movements in and out of home can reduce the consumption smoothing bene.ts

of social insurance programs.

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关键词：Moving Back home ING relationship Back home Moving

文章作者是NYU的，今年在U Penn找到个教职。

这篇文章和年会上那个家庭结构对孩子的影响有一些类似。。但是前面的模型推导更加复杂。本文是宏观微观计量兼而有之，值得学习。

To account for the data, two types of exogenous shocks are needed. Preference shocks are found to explain most of the cross-section of living arrangements, while labor market shocks account for individual movements in and out of the parental home.

O¤ers are assumed to be drawn from a lognormal distribution.

===================

这主要是一个经验模型，模型设计用于计量分析，采用的是有参测试的方法。而且模型实现平衡的博弈框架很典型。是一篇重点参考文章。

===================

This paper uses an estimated structural model to argue that the option to move in and out
of the parental home is an important insurance channel against labor market risk for low-
skilled youths.

I use the model to show that coresidence is an important form of insurance, particularly for youths from poorer families. The option to live at home also helps to explain features of aggregate data for low-skilled young workers: their high elasticity of labor supply and their relatively small consumption responses to labor market shocks.

An important implication is that movements in and out of home can reduce the consumption smoothing bene…ts of social insurance programs.

实证分析的结论牢靠，对福利政策的分析可以进一步讨论。

我没有拿到最新版本的文章，这是个草稿，他来演讲的时候ppt上模型已经改进过了。

设计的更加巧妙一些，具体的模型我不输入了，这里贴起来比较麻烦，呵呵。估计也没有谁看。

较早将bargaining/game框架嵌入search模型/bellman价值方程的是Cahuc,Postel-Vinay and Robin 2002。那篇文章很典型，很快引起了人们注意。这篇文章在结构上很相似，不知作者有没有参考CPVR的文章。看得出是Working paper，还没有出版刊号。这个路子的论文，很适合作为今后一系列研究文章的workhorse。好好修改的话，可以发表。

这篇应该是他博士毕业论文的一部分。。。后来据说是靠这篇文章敲门砖进了penn做assistant Prof了。

Cahuc有一本劳动经济学的书：

http://mitpress.mit.edu/catalog/ ... p?ttype=2&tid=10033

deltaatfr 发表于 2010-1-13 18:51
较早将bargaining/game框架嵌入search模型/bellman价值方程的是Cahuc,Postel-Vinay and Robin 2002。那篇文章很典型，很快引起了人们注意。这篇文章在结构上很相似，不知作者有没有参考CPVR的文章。看得出是Working paper，还没有出版刊号。这个路子的论文，很适合作为今后一系列研究文章的workhorse。好好修改的话，可以发表。

CPVR的文章：2006年Econometrica上刊发了，牛文
WAGE BARGAINING WITH ON-THE-JOB SEARCH.pdf (450.86 KB)

2010-1-13 19:16:37 上传

夸克之一 发表于 2010-1-13 19:05
Cahuc有一本劳动经济学的书：

http://mitpress.mit.edu/catalog/ ... p?ttype=2&tid=10033

Labor Economics
Pierre Cahuc and André Zylberberg

是这本书，这也是本很好的教材。

夸克之一 发表于 2010-1-13 19:16

CPVR的文章：2006年Econometrica上刊发了，牛文

这篇文章working paper版本出现在2002，在2004年有较大修改，在2006年发表。