Table 15: Test of Full Insurance Hypothesis [Dynarski/Gruber Specification] (Fixed Effect Model) PANEL A (Levels) PANEL B (logs)

Panel Period	Total Cons.	Durables	Semi durables	Non durables	Services	Total Cons.	Durables	Semi durables	Non durables	Services
January-June	0.031 (0.006)	0.008 (0.004)	0.011 (0.002)	0.004 (0.001)	0.009 (0.004)	0.077 (0.010)	0.109 (0.151)	0.159 (0.028)	0.022 (0.005)	0.084 (0.015)
Number of Obs.	39,075	39,075	39,075	39,075	39,075	29,673	4,654	28,576	29,673	29,658
February	0.015	0.003	0.006	0.002	0.004	0.059	0.093	0.144	0.016	0.066
-July	(0.004)	(0.003)	(0.001)	(0.0004)	(0.003)	(0.006)	(0.094)	(0.017)	(0.003)	(0.010)
Number of Obs.	39,710	39,710	39,710	39,710	39,710	30,360	5,017	29,242	30,360	30,329
March-August	0.021 (0.003)	0.008 (0.002)	0.007 (0.001)	0.003 (0.0004)	0.003 (0.002)	0.063 (0.005)	0.195 (0.081)	0.113 (0.015)	0.014 (0.003)	0.065 (0.009)
Number of Obs.	39,890	39,890	39,890	39,890	39,890	30,657	5,192	29,605	30,657	30,620
April-September	0.010 (0.003)	-0.001 (0.002)	0.004 (0.001)	0.003 (0.0004)	0.003 (0.002)	0.051 (0.005)	0.129 (0.079)	0.126 (0.015)	0.018 (0.003)	0.047 (0.008)
Number of Obs.	39,470	39,470	39,470	39,470	39,470	30,122	5,081	29,044	30,122	30,102
May-October	0.027 (0.003)	0.005 (0.002)	0.006 (0.001)	0.003 (0.0004)	0.012 (0.002)	0.062 (0.005)	0.166 (0.081)	0.122 (0.014)	0.027 (0.003)	0.059 (0.008)
Number of Obs.	40,070	40,070	40,070	40,070	40,070	30,882	5,228	29,757	30,882	30,860
June-November	0.023 (0.005)	0.006 (0.003)	0.005 (0.001)	0.003 (0.0005)	0.008 (0.003)	0.063 (0.006)	0.280 (0.098)	0.123 (0.017)	0.026 (0.003)	0.055 (0.010)
Number of Obs.	39,810	39,810	39,810	39,810	39,810	30,556	5,143	29,526	30,556	30,515
July-December	0.051 (0.005)	0.006 (0.003)	0.012 (0.001)	0.009 (0.001)	0.024 (0.003)	0.097 (0.008)	0.486 (0.140)	0.160 (0.024)	0.044 (0.005)	0.103 (0.013)
Number of Obs.	40,180	40,180	40,180	40,180	40,180	30,391	5,425	29,427	30,391	30,371
August-January	0.056 (0.004)	0.013 (0.003)	0.013 (0.001)	0.011 (0.001)	0.019 (0.003)	0.096 (0.008)	0.130 (0.140)	0.110 (0.023)	0.049 (0.005)	0.094 (0.013)
Number of Obs.	35,810	35,810	35,810	35,810	35,810	27,361	4,885	26,502	27,361	27,336
September-February	0.053 (0.004)	0.009 (0.002)	0.012 (0.001)	0.011 (0.001)	0.021 (0.003)	0.097 (0.008)	0.175 (0.136)	0.169 (0.024)	0.050 (0.005)	0.107 (0.013)
Number of Obs.	36,030	36,030	36,030	36,030	36,030	27,436	4,849	26,497	27,436	27,412
October-March	0.052 (0.004)	0.007 (0.003)	0.012 (0.001)	0.012 (0.001)	0.020 (0.003)	0.102 (0.008)	0.178 (0.131)	0.143 (0.025)	0.048 (0.005)	0.112 (0.013)
Number of Obs.	34,330	34,330	34,330	34,330	34,330	25,764	4,780	24,864	25,764	25,745
November-April	0.061 (0.004)	0.013 (0.003)	0.016 (0.001)	0.011 (0.001)	0.021 (0.003)	0.101 (0.008)	0.350 (0.132)	0.147 (0.025)	0.044 (0.005)	0.108 (0.013)
Number of Obs.	35,015	35,015	35,015	35,015	35,015	26,608	5,044	25,604	26,608	26,589
December-May	0.043 (0.006)	0.006 (0.004)	0.009 (0.001)	0.009 (0.001)	0.018 (0.004)	0.074 (0.010)	0.655 (0.174)	0.106 (0.030)	0.031 (0.006)	0.098 (0.017)
Number of Obs.	34,950	34,950	34,950	34,950	34,950	26,638	4,485	25,555	29,638	26,610

Note: The coefficients on the change in head of household income in equation (1). Standard errors are in parentheses. The regression includes individual fixed effects for individual households.

Table 16: Sources of Insurance (Six Month Average)

Panel Period	Spouse's Income	Social Security	Official Transfer	Tax Paid	Panel Period	Spouse's income	Social Security	Official Transfer	Tax Paid
January-June	0.046 (0.003)	0.000 (0.002)	-0.000 (0.011)	0.139 (0.001)	July-December	0.048 (0.004)	-0.000 (0.001)	0.000 (0.001)	0.134 (0.001)
N of Obs.	7815	7815	7815	7815	N of Obs.	8036	8036	8036	8036
R² (adjusted)	0.02	0.00	0.02	0.61	R² (adjusted)	0.02	-0.00	0.01	0.54
s.e.e.	24058	11396	7831	9091	s.e.e.	33796	10778	6799	12539
February	0.020 (0.002)	0.024 (0.002)	0.011 (0.001)	0.136 (0.001)	August-January	0.044 (0.004)	0.005 (0.005)	0.001 (0.003)	0.079 (0.002)
N of Obs.	7942	7942	7942	7942	N of Obs.	7162	7162	7162	7162
R² (adjusted)	0.01	0.00	0.02	0.56	R² (adjusted)	0.02	-0.00	0.02	0.22
s.e.e.	13601	11737	8033	7742	s.e.e.	7704	11130	7193	4279
March-August	0.024 (0.003)	-0.009 (0.004)	-0.005 (0.002)	0.092 (0.003)	September-February	0.018 (0.004)	-0.008 (0.006)	-0.001 (0.003)	0.089 (0.002)
N of Obs.	7978	7978	7978	7978	N of Obs.	7206	7206	7206	7206
R² (adjusted)	0.01	0.00	0.01	0.13	R² (adjusted)	0.00	0.00	0.01	0.20
s.e.e.	9045	10825	6881	7504	s.e.e.	7239	9169	5123	3929
April-September	0.021 (0.004)	-0.006 (0.007)	-0.004 (0.005)	0.076 (0.006)	October-March	0.035 (0.004)	-0.006 (0.005)	-0.001 (0.003)	0.094 (0.004)
N of Obs.	7894	7894	7894	7894	N of Obs.	6866	6866	6866	6866
R² (adjusted)	0.00	0.00	0.01	0.03	R² (adjusted)	0.01	0.00	0.02	0.07
s.e.e.	6211	11025	7726	9780	s.e.e.	8604	10183	6791	9106
May-October	0.018 (0.004)	0.006 (0.006)	0.001 (0.004)	0.088 (0.005)	November-April	0.012 (0.004)	0.005 (0.006)	-0.002 (0.004)	0.087 (0.004)
N of Obs.	8014	8014	8014	8014	N of Obs.	7003	7003	7003	7003
R² (adjusted)	0.00	0.00	0.01	0.05	R² (adjusted)	0.00	-0.00	0.01	0.09
s.e.e.	6645	10124	7289	8260	s.e.e.	6708	10327	7115	6811
June-November	0.038 (0.003)	-0.001 (0.002)	-0.000 (0.001)	0.128 (0.001)	December	0.043 (0.004)	-0.001 (0.001)	-0.001 (0.001)	0.114 (0.002)
N of Obs.	7962	7962	7962	7962	N of Obs.	6990	6990	6990	6990
R² (adjusted)	0.02	0.00	0.01	0.57	R² (adjusted)	0.02	0.00	0.01	0.32
s.e.e.	22479	11096	7673	9152	s.e.e.	30342	10217	6440	16751

Note: The coefficients on the average change in head of household income in equation (3). Standard errors are in parentheses. The change is defined as change in levels of head's income.