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dc.contributor.authorBASTEN, Christoph
dc.contributor.authorFAGERENG, Andreas
dc.contributor.authorTELLE, Kjetil
dc.date.accessioned2017-02-01T15:16:18Z
dc.date.available2017-02-01T15:16:18Z
dc.date.issued2016
dc.identifier.citationJournal of money, credit and banking, 2016, Vol. 48, No. 2-3, pp. 249–568en
dc.identifier.issn0022-2879
dc.identifier.issn1538-4616
dc.identifier.urihttps://hdl.handle.net/1814/45111
dc.descriptionFirst published online: 14 March 2016en
dc.description.abstractWe investigate the development of household labor income, financial wealth, and asset holdings over a 9-year period around job loss, using unique administrative panel data from Norway. Consistent with predictions from theory, the data show additional saving and a shift toward safer assets in the years leading up to unemployment, and depletion of savings after job loss. In the years after job loss, the households' after-tax labor income is reduced by about USD 12,500. Over the same time period, households deplete USD 3,000 of their financial assets, of which one third is accumulated prior to the job loss. This suggests that at least some households can foresee and prepare for the upcoming unemployment, which indicates that private savings can, to some extent, serve as a substitute for publicly provided unemployment insurance.en
dc.format.mimetypeapplication/pdf
dc.language.isoenen
dc.publisherWileyen
dc.relation.ispartofJournal of money, credit and bankingen
dc.relation.isversionofhttp://hdl.handle.net/1814/21720en
dc.rightsinfo:eu-repo/semantics/openAccessen
dc.subjectUnemployment
dc.subjectConsumption smoothing
dc.subjectHousehold portfolios
dc.subjectPortfolio allocation
dc.subjectOptimal unemployment insurance
dc.titleSaving and portfolio allocation before and after job lossen
dc.typeArticleen
dc.identifier.doi10.1111/jmcb.12301
dc.identifier.volume48en
dc.identifier.startpage249en
dc.identifier.endpage568en
eui.subscribe.skiptrue
dc.identifier.issue2-3en
dc.description.versionArticle is the published version of a chapter (2) of the author's EUI PhD thesis, 2011en


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