000			01916nab a2200265 c 4500
999			_c143564 _d143564
003			ES-MaIEF
005			20210210182906.0
007			ta
008			210210t2021 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100	1		_968737 _aWu, Chunzan
245		0	_aConsumption insurance against wage risk _bfamily labor supply and optimal progressive income taxation _c Chunzan Wu, Dirk Krueger
260			_c2021
500			_aResumen.
520			_aWe show that a calibrated life cycle two-earner household model with endogenous labor supply can rationalize the extent of consumption insurance against shocks to male and female wages, as estimated empirically by Blundell, Pistaferri, and Saporta-Eksten (2016) in US data. In the model, 35 percent of male and 18 percent of female permanent wage shocks pass through to consumption, compared to the empirical estimates of 32 percent and 19 percent. Most of the consumption insurance against permanent male wage shocks is provided through the presence and labor supply response of the female earner. Abstracting from this private intrahousehold income insurance mechanism strongly biases upward the welfare losses from idiosyncratic wage risk as well as the desired extent of public insurance through progressive income taxation. Relative to the standard one-earner life cycle model, the optimal degree of tax progressivity is significantly lower and the welfare gains from implementing the optimal system are cut roughly in half.
650		4	_948261 _aRENTA FAMILIAR
650		4	_940660 _aCONSUMO FAMILIAR
650		4	_948349 _aSALARIOS
650		4	_aIMPUESTOS _947460
650		4	_948160 _aPROGRESIVIDAD
650		4	_947776 _aMODELOS ECONOMETRICOS
700	1		_92395 _aKrueger, Dirk
773	0		_9164291 _oOP 2137/2021/1 _tAmerican Economic Journal : Macroeconomics _w(IEF)64915 _x 1945-7707 _gv. 13, n. 1, January 2021, p. 79-113
942			_cART