Replication data for: Human Capital Risk, Contract Enforcement, and the Macroeconomy
Principal Investigator(s): View help for Principal Investigator(s) Tom Krebs; Moritz Kuhn; Mark L. J. Wright
Version: View help for Version V1
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Project Description
Summary:
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We use microdata to show that young households with children are underinsured against the risk that an adult member of the household dies. This empirical finding can be explained by a macroeconomic model with human capital risk, age-dependent returns to human capital investment, and endogenous borrowing constraints due to limited contract enforcement. When calibrated, the model quantitatively accounts for the observed life-cycle variation in life insurance holdings, financial wealth, earnings, and consumption inequality. The model also predicts that reforms making consumer bankruptcy more costly will substantially increase the volume of both credit and insurance. (JEL D14, D91, G22, J13, J24)
Scope of Project
JEL Classification:
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D14 Household Saving; Personal Finance
D15 Intertemporal Household Choice; Life Cycle Models and Saving
G22 Insurance; Insurance Companies; Actuarial Studies
J13 Fertility; Family Planning; Child Care; Children; Youth
J24 Human Capital; Skills; Occupational Choice; Labor Productivity
D14 Household Saving; Personal Finance
D15 Intertemporal Household Choice; Life Cycle Models and Saving
G22 Insurance; Insurance Companies; Actuarial Studies
J13 Fertility; Family Planning; Child Care; Children; Youth
J24 Human Capital; Skills; Occupational Choice; Labor Productivity
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