Table 10: Sources of Insurance: PANEL A (Level)

PanelPeriod	Spouses' income	Social Security	Official transfer	Tax Paid	Total Cons.	Implied Saving response	PanelPeriod	Spouses' income	Social Security	Official transfer	Tax Paid	Total Cons.	Implied Saving response
All	0.041 (0.0003)	-0.018 (0.001)	-0.017 (0.001)	0.120 (0.0002)	0.042 (0.001)	0.037 *0.055	July-December	0.038 (0.002)	0.000 (0.001)	0.001 (0.001)	0.130 (0.001)	0.048 (0.004)	0.044
Number of Obs.	454,340	454,341	209,230	454,340	Number of Obs.	40,180	40,180	19,490	40,180
R² (adjusted)	0.05	0.07	0.07	0.36	R² (adjusted)	0.07	0.02	0.02	0.52
s.e.e.	87,643	1.8e+5	1.8e+5	54,519	s.e.e.	99,967	63,488	60,499	45,167
January-June	0.041 (0.001)	-0.000 (0.001)	0.000 (0.002)	0.117 (0.001)	0.031 (0.005)	0.045	August-January	0.044 (0.002)	-0.001 (0.001)	-0.001 (0.001)	0.132 (0.001)	0.057 (0.004)	0.031
Number of Obs.	39,075	39,075	18,655	39,075	Number of Obs.	35,810	35,810	15,255	35,810
R² (adjusted)	0.04	0.02	0.03	0.14	R² (adjusted)	0.09	0.02	0.02	0.61
s.e.e.	73,115	71,043	69,263	73,745	s.e.e.	1.3e+5	64,023	63,458	49,811
February-July	0.029 (0.001)	0.001 (0.001)	0.001 (0.001)	0.131 (0.001)	0.016 (0.004)	0.086	September-February	0.038 (0.002)	-0.001 (0.001)	-0.002 (0.001)	0.125 (0.001)	0.053 (0.004)	0.034
Number of Obs.	39,710	39,710	18,820	39,710	Number of Obs.	36,030	36,030	15,315	36,030
R² (adjusted)	0.03	0.02	0.03	0.43	R² (adjusted)	0.08	0.02	0.02	0.57
s.e.e.	1.0e+5	68,044	66,361	60,490	s.e.e.	1.3e+5	59,387	49,026	50,995
March-August	0.023 (0.001)	0.003 (0.001)	0.001 (0.001)	0.123 (0.001)	0.022 (0.003)	0.078	October-March	0.040 (0.002)	-0.000 (0.001)	0.001 (0.001)	0.128 (0.001)	0.052 (0.004)	0.036
Number of Obs.	39,890	39,890	18,835	39,890	Number of Obs.	34,330	34,330	14,920	34,330
R² (adjusted)	0.02	0.02	0.02	0.40	R² (adjusted)	0.08	0.02	0.02	0.54
s.e.e.	1.1e+5	65,203	62,689	66,548	s.e.e.	1.3e+5	63,137	61,677	55,006
April-September	0.028 (0.001)	0.001 (0.001)	-0.004 (0.001)	0.123 (0.001)	0.010 (0.003)	0.085	November-April	0.035 (0.002)	-0.002 (0.001)	-0.003 (0.001)	0.127 (0.001)	0.060 (0.004)	0.032
Number of Obs.	39,470	39,470	18,945	39,470	Number of Obs.	35,015	35,015	15,075	35,015
R² (adjusted)	0.03	0.02	0.02	0.43	R² (adjusted)	0.08	0.02	0.03	0.54
s.e.e.	1.0e+5	65,370	68,409	62,259	s.e.e.	1.3e+5	65,145	66,716	53,981
May-October	0.028 (0.001)	-0.000 (0.001)	-0.024 (0.001)	0.125 (0.001)	0.027 (0.003)	0.070	December-May	0.042 (0.002)	-0.000 (0.001)	-0.001 (0.002)	0.124 (0.001)	0.046 (0.005)	0.036
Number of Obs.	40,070	40,070	19,505	40,070	Number of Obs.	34,950	34,905	14,930	34,950
R² (adjusted)	0.03	0.02	0.03	0.36	R² (adjusted)	0.06	0.02	0.02	0.34
s.e.e.	1.1e+5	62,425	62,711	73,207	s.e.e.	91,821	61,382	61,025	60,203
June-November	0.023 (0.001)	-0.001 (0.001)	0.001 (0.001)	0.118 (0.001)	0.023 (0.004)	0.072
Number of Obs.	39,810	39,810	19,485	39,810
R² (adjusted)	0.01	0.02	0.02	0.51
s.e.e.	87,484	63,059	64,608	42,822

## PANEL B (Log)

PanelPeriod	Spouses' Income	Social Security	Official transfer	Tax Paid	Total Cons.	Implied Saving response	PanelPeriod	Spouses' income	Social Security	Official transfer	Tax Paid	Total Cons.	Implied Saving Response
All	0.295 (0.002)	0.321 (0.008)	-	0.933 (0.002)	0.100 (0.001)	0.538 *0.217	July-December Number of Obs.	0.172 (0.012)	0.413 (0.223)	-	1.015 (0.011)	0.095 (0.007)	0.748
Number of Obs.	97,121	5,669	-	286,778	R² (adjusted)	8,549	419	-	25,103
R² (adjusted)	0.19	0.02	-	0.33	s.e.e.	0.25	0.03	-	0.38
s.e.e.	0.31	0.41	-	0.66	0.42	1.67	-	0.63
January-June	0.223 (0.011)	0.375 (0.225)	-	0.960 (0.014)	0.077 (0.008)	0.660	0.217 (0.014)	-0.082 (0.190)	-	0.899 (0.012)	0.097 (0.007)	0.585
Number of Obs.	8,032	495	-	24,915	Number of Obs.	7,787	493	-	22,912
R² (adjusted)	0.12	0.03	-	0.18	R² (adjusted)	0.37	0.06	-	0.46
s.e.e.	0.35	1.67	-	0.73	s.e.e.	0.47	1.72	-	0.66
February	0.198 (0.009)	0.113 (0.136)	-	1.062 (0.010)	0.061 (0.005)	0.803	0.251 (0.015)	0.187 (0.312)	-	0.914 (0.013)	0.097 (0.007)	0.566
Number of Obs.	8,535	513	-	25,216	Number of Obs.	7,389	471	-	23,025
R² (adjusted)	0.11	0.03	-	0.33	R² (adjusted)	0.39	0.04	-	0.45
s.e.e.	0.44	1.74	-	0.80	s.e.e.	0.45	1.73	-	0.66
March-August	0.161 (0.009)	0.422 (0.132)	-	1.071 (0.009)	0.064 (0.005)	0.846	0.160 (0.014)	0.268 (0.233)	-	0.952 (0.014)	0.104 (0.007)	0.688
Number of Obs.	8,265	480	-	25,379	Number of Obs.	7,192	423	-	21,028
R² (adjusted)	0.10	0.08	-	0.37	R² (adjusted)	0.38	0.02	-	0.46
s.e.e.	0.49	1.77	-	0.86	s.e.e.	0.45	1.60	-	0.67
April-September	0.171 (0.009)	0.142 (0.095)	-	1.082 (0.009)	0.051 (0.005)	0.860	0.197 (0.014)	0.262 (0.237)	-	0.945 (0.014)	0.100 (0.008)	0.648
Number of Obs.	8,440	586	-	25,109	Number of Obs.	7,377	450	-	21,997
R² (adjusted)	0.10	0.03	-	0.38	R² (adjusted)	0.41	0.03	-	0.44
s.e.e.	0.46	1.48	-	0.86	s.e.e.	0.44	1.64	-	0.70
May-October	0.176 (0.009)	0.163 (0.118)	-	1.085 (0.009)	0.062 (0.005)	0.847	0.179 (0.014)	-0.506 (0.282)	-	0.907 (0.017)	0.079 (0.009)	0.649
Number of Obs.	9,143	450	-	25,880	Number of Obs.	6,980	396	-	21,289
R² (adjusted)	0.12	0.09	-	0.40	R² (adjusted)	0.24	0.01	-	0.31
s.e.e.	0.49	1.50	-	0.78	s.e.e.	0.40	1.59	-	0.72
June-November	0.138 (0.010)	-0.021 (0.136)	-	1.080 (0.008)	0.063 (0.005)	0.879
Number of Obs.	8,432	493	-	24,925
R² (adjusted)	0.04	0.07	-	0.43
s.e.e.	0.45	1.57	-	0.65

Note: The coefficients on the change in head of household income in specification (3). The figures in the columns of total consumption come from Table 2. Standard errors are in parentheses. The change is defined as change in levels of head's income. * refers to the case where the third column (social security) also subtracted. – refers to the case whose sample is less than 100.