Table 12: Test of Full Insurance Hypothesis by Asset Levels [Dynarski/Gruber Specification]

PANEL A (Level)

PANEL B (Log)

ALL	AUGUST-JANUARY	SEPTEMBER-FEBRUARY	OCTOBER-MARCH	ALL	AUGUST-JANUARY	SEPTEMBER-FEBRUARY	OCTOBER-MARCH
Panel Period	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High	Low	High
Total (LC=1.0)	0.063 (0.003)	0.044 (0.003)	0.072 (0.006)	0.048 (0.006)	0.126 (0.006)	0.075 (0.006)	0.131 (0.011)	0.078 (0.012)	0.129 (0.012)	0.066 (0.012)	0.116 (0.011)	0.079 (0.013)	0.066 (0.006)	0.039 (0.006)	0.050 (0.006)	0.043 (0.006)
N of Obs.	38,130	45,940	12,380	15,795	30,703	34,179	10,104	11,834	10,533	11,954	10,066	10,391	13,110	15,935	12,640	14,210
R² (adjusted)	0.06	0.04	0.06	0.04	0.17	0.15	0.18	0.14	0.15	0.15	0.19	0.15	0.06	0.05	0.07	0.05
s.e.e.	2.2e+5	2.7e+5	2.5e+5	3.1e+05	0.40	0.43	0.44	0.50	0.45	0.48	0.43	0.49	2.5e+5	2.9e+5	2.4e+5	3.0e+5
Total (LC=0.5)	0.073 (0.005)	0.047 (0.003)	0.090 (0.009)	0.051 (0.005)	0.145 (0.008)	0.085 (0.005)	0.177 (0.017)	0.082 (0.009)	0.124 (0.017)	0.087 (0.009)	0.136 (0.017)	0.085 (0.010)	0.070 (0.009)	0.045 (0.005)	0.061 (0.008)	0.043 (0.005)
N of Obs.	15,985	68,155	5,240	22,960	12,646	52,285	4,171	17,779	4,293	18,201	4,182	16,305	5,450	23,605	5,295	21,590
R² (adjusted)	0.06	0.05	0.06	0.05	0.19	0.16	0.18	0.16	0.14	0.15	0.17	0.17	0.05	0.05	0.08	0.05
s.e.e.	1.9e+5	2.7e+5	2.2e+5	3.0e+5	0.34	0.42	0.43	0.48	0.44	0.47	0.43	0.47	2.1e+5	2.9e+5	1.9e+5	2.9e+5
Durables (LC=1.0)	0.009 (0.002)	0.010 (0.002)	0.019 (0.005)	0.009 (0.004)	0.302 (0.055)	0.138 (0.050)	0.378 (0.156)	0.117 (0.129)	0.114 (0.155)	0.253 (0.136)	0.391 (0.139)	0.066 (0.136)	0.009 (0.004)	0.009 (0.003)	-0.000 (0.004)	0.013 (0.004)
N of Obs.	38,130	45,940	12,380	15,795	5,087	6,771	1,615	2,373	1,747	2,315	1,725	2,083	13,110	15,935	12,640	14,210
R² (adjusted)	0.00	0.00	0.00	0.00	0.02	0.02	0.02	0.01	0.00	0.01	0.03	0.02	0.00	0.00	0.00	0.00
s.e.e.	1.6e+5	1.8e+5	1.9e+5	2.2e+5	1.52	1.55	2.46	2.40	2.42	2.32	2.34	2.43	1.8e+5	1.7e+5	1.5e+5	2.0e+5
Durables (LC=0.5)	0.011 (0.003)	0.009 (0.002)	0.027 (0.007)	0.011 (0.003)	0.460 (0.082)	0.149 (0.041)	0.746 (0.276)	0.152 (0.106)	0.162 (0.227)	0.166 (0.116)	0.542 (0.218)	0.133 (0.109)	0.006 (0.005)	0.009 (0.003)	0.003 (0.005)	0.008 (0.003)
N of Obs.	15,985	68,155	5,240	22,960	1,847	10,013	576	3,412	612	3,450	659	3,151	5,450	23,605	5,295	21,590
R² (adjusted)	0.00	0.00	0.00	0.00	0.02	0.02	0.03	0.02	-0.02	0.01	0.02	0.02	-0.00	0.00	-0.00	0.00
s.e.e.	1.2e+5	1.8e+5	1.6e+5	2.1e+5	1.44	1.55	2.50	2.40	2.35	2.36	2.33	2.40	1.2e+5	1.8e+5	1.2e+5	1.9e+5
Semi-Durables (LC=1.0)	0.014 (0.001)	0.012 (0.001)	0.018 (0.001)	0.011 (0.001)	0.171 (0.018)	0.120 (0.017)	0.179 (0.035)	0.072 (0.031)	0.210 (0.035)	0.128 (0.033)	0.126 (0.035)	0.167 (0.036)	0.014 (0.001)	0.012 (0.002)	0.009 (0.002)	0.012 (0.002)
N of Obs.	38,130	45,940	12,380	15,795	29,472	33,215	9,679	11,535	10,126	11,590	9,667	10,090	13,110	15,935	12,640	14,210
R² (adjusted)	0.04	0.03	0.07	0.03	0.09	0.07	0.09	0.07	0.10	0.08	0.09	0.07	0.06	0.02	0.02	0.03
s.e.e.	65,606	73,446	53,035	75,979	1.19	1.16	1.33	1.28	1.33	1.31	1.36	1.34	57,089	90,808	97,256	72,781
Semi-Durables (LC=0.5)	0.019 (0.001)	0.011 (0.001)	0.016 (0.002)	0.013 (0.001)	0.208 (0.028)	0.127 (0.014)	0.248 (0.058)	0.084 (0.025)	0.240 (0.053)	0.154 (0.027)	0.139 (0.055)	0.147 (0.028)	0.021 (0.002)	0.012 (0.001)	0.020 (0.002)	0.008 (0.002)
N of Obs.	15,985	68,155	5,240	22,960	11,962	50,776	3,932	17,293	4,059	17,666	3,970	15,817	5,450	23,605	5,295	21,590
R² (adjusted)	0.06	0.03	0.06	0.04	0.08	0.08	0.08	0.08	0.10	0.08	0.08	0.08	0.06	0.02	0.06	0.03
s.e.e.	45,049	74,620	45,268	70,889	1.17	1.17	1.40	1.28	1.35	1.31	1.38	1.34	49,066	82,540	53,385	91,266
Non-Durables (LC=1.0)	0.016 (0.001)	0.007 (0.004)	0.015 (0.001)	0.009 (0.001)	0.063 (0.004)	0.034 (0.003)	0.057 (0.007)	0.048 (0.006)	0.070 (0.007)	0.020 (0.007)	0.061 (0.007)	0.029 (0.007)	0.016 (0.001)	0.005 (0.001)	0.016 (0.001)	0.008 (0.001)
N of Obs.	38,130	45,940	12,380	15,795	31,303	34,179	10,104	11,834	10,533	11,954	10,666	10,391	13,110	15,935	12,640	14,210
R² (adjusted)	0.33	0.37	0.33	0.37	0.34	0.39	0.33	0.39	0.33	0.38	0.34	0.40	0.32	0.36	0.35	0.38
s.e.e.	33,428	35,550	35,762	38,987	0.25	0.24	0.28	0.27	0.28	0.28	0.28	0.27	38,208	39,272	35,716	38,398
Non-Durables (LC=0.5)	0.018 (0.001)	0.009 (0.003)	0.020 (0.002)	0.010 (0.001)	0.074 (0.006)	0.040 (0.003)	0.080 (0.011)	0.046 (0.005)	0.066 (0.011)	0.037 (0.006)	0.075 (0.011)	0.036 (0.006)	0.018 (0.002)	0.008 (0.001)	0.016 (0.001)	0.010 (0.001)
N of Obs.	15,985	68,155	5,240	22,960	12,646	52,285	4,171	17,779	4,293	18,201	4,182	16,305	5,450	23,605	5

Note: The coefficients on the change in head of household income in specification (3). Standard errors are in parentheses.