{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,18]],"date-time":"2026-01-18T04:57:24Z","timestamp":1768712244754,"version":"3.49.0"},"reference-count":10,"publisher":"Wiley","issue":"5","license":[{"start":{"date-parts":[[2021,5,16]],"date-time":"2021-05-16T00:00:00Z","timestamp":1621123200000},"content-version":"am","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/"},{"start":{"date-parts":[[2021,5,16]],"date-time":"2021-05-16T00:00:00Z","timestamp":1621123200000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100000923","name":"Australian Research Council","doi-asserted-by":"publisher","award":["DE130100806"],"award-info":[{"award-number":["DE130100806"]}],"id":[{"id":"10.13039\/501100000923","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["J of Applied Econometrics"],"published-print":{"date-parts":[[2021,8]]},"abstract":"<jats:title>Summary<\/jats:title><jats:p>Blundell, Pistaferri, and Preston (<jats:italic>American Economic Review<\/jats:italic>, 2008, 98(5), 1887\u20131921) report an estimate of household consumption insurance with respect to permanent income shocks of 36%. In replicating findings for their model and data, we find that this estimate is distorted by a code error and is not robust to weighting scheme for generalized method of moments (GMM) or consideration of quasi maximum likelihood estimation (QMLE), which produces a significantly higher estimate of consumption insurance at 55%. For sub\u2010groups by age and education, the differences between estimates across methods are even more pronounced, and QMLE provides new insights into heterogeneity across households compared to the original study. Monte Carlo experiments using non\u2010normal shocks suggest that consumption insurance estimates for the model are more accurate for QMLE than GMM, including when correcting for bias and especially given a smaller sample such as is only available when looking at sub\u2010groups.<\/jats:p>","DOI":"10.1002\/jae.2820","type":"journal-article","created":{"date-parts":[[2021,4,29]],"date-time":"2021-04-29T15:14:12Z","timestamp":1619709252000},"page":"628-635","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":11,"title":["Estimating household consumption insurance"],"prefix":"10.1002","volume":"36","author":[{"given":"Arpita","family":"Chatterjee","sequence":"first","affiliation":[{"name":"School of Economics University of New South Wales  Sydney New South Wales Australia"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-2380-6747","authenticated-orcid":false,"given":"James","family":"Morley","sequence":"additional","affiliation":[{"name":"School of Economics University of Sydney  Sydney New South Wales Australia"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Aarti","family":"Singh","sequence":"additional","affiliation":[{"name":"School of Economics University of Sydney  Sydney New South Wales Australia"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","published-online":{"date-parts":[[2021,5,16]]},"reference":[{"key":"e_1_2_8_2_1","doi-asserted-by":"publisher","DOI":"10.2307\/1392447"},{"key":"e_1_2_8_3_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160137"},{"key":"e_1_2_8_4_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.5.1887"},{"key":"e_1_2_8_5_1","doi-asserted-by":"publisher","DOI":"10.1080\/07474930008800459"},{"key":"e_1_2_8_6_1","doi-asserted-by":"crossref","unstructured":"Guvenen F. Karahan F. Ozcan S. &Song J.(2015).What do data on millions of U.S. workers reveal about life\u2010cycle earnings risk?Staff Reports 710 Federal Reserve Bank of New York.","DOI":"10.3386\/w20913"},{"key":"e_1_2_8_7_1","doi-asserted-by":"publisher","DOI":"10.1086\/708816"},{"key":"e_1_2_8_8_1","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.4.53"},{"key":"e_1_2_8_9_1","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2014.0002"},{"key":"e_1_2_8_10_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0262.2004.00482.x"},{"key":"e_1_2_8_11_1","doi-asserted-by":"publisher","DOI":"10.2307\/1912526"}],"container-title":["Journal of Applied Econometrics"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1002\/jae.2820","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/full-xml\/10.1002\/jae.2820","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/am-pdf\/10.1002\/jae.2820","content-type":"application\/pdf","content-version":"am","intended-application":"syndication"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1002\/jae.2820","content-type":"application\/pdf","content-version":"vor","intended-application":"syndication"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1002\/jae.2820","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,8,25]],"date-time":"2023-08-25T15:51:28Z","timestamp":1692978688000},"score":1,"resource":{"primary":{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/10.1002\/jae.2820"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2021,5,16]]},"references-count":10,"journal-issue":{"issue":"5","published-print":{"date-parts":[[2021,8]]}},"alternative-id":["10.1002\/jae.2820"],"URL":"https:\/\/doi.org\/10.1002\/jae.2820","archive":["Portico"],"relation":{},"ISSN":["0883-7252","1099-1255"],"issn-type":[{"value":"0883-7252","type":"print"},{"value":"1099-1255","type":"electronic"}],"subject":[],"published":{"date-parts":[[2021,5,16]]},"assertion":[{"value":"2020-06-04","order":0,"name":"received","label":"Received","group":{"name":"publication_history","label":"Publication History"}},{"value":"2020-08-19","order":1,"name":"accepted","label":"Accepted","group":{"name":"publication_history","label":"Publication History"}},{"value":"2021-05-16","order":2,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}]}}