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Saving and Portfolio Allocation Before and After Job Loss
Authors:CHRISTOPH BASTEN  ANDREAS FAGERENG  KJETIL TELLE
Abstract:We 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.
Keywords:D12  E21  E24  G11  J65  unemployment  consumption smoothing  household portfolios  portfolio allocation  optimal unemployment insurance
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