Table 4: Test of Full Insurance Hypothesis [Mace/Cochrane Specification] (Levels)

Panel Period	Total Cons.	Durable	Semi durables	Non Durables	Services	Panel Period	Total Cons.	Durable	Semi durables	Non durables	Services
All	B1(dCα1)	0.893	0.971	0.894	0.937	0.950	Jul.-Dec.	0.966	1.000	0.968	0.979	0.980
0.018	0.034	0.019	0.006	0.031	0.047	0.006	0.015	0.066	0.136
B2(dY1)	0.034	0.006	0.009	0.006	0.012	0.004	0.003	0.001	0.008	0.021
0.001	0.001	0.0002	0.0001	0.001	0.001	0.003
B1=1,B2=0	613.05	54.49	643.74	1314.19	190.18	69.06	2.29	75.12	120.84	33.35
F stat, Prob>F	0.00	0.00	0.00	0.00	0.00	0.00	0.10	0.00	0.00	0.00
Number of Obs.	454,340	454,340	454,340	454,340	454,340	40,180	40,180	40,180	40,180	40,180
R2(adjusted)	0.03	0.00	0.02	0.23	0.01	0.03	0.00	0.03	0.22	0.01
s.e.e.	2.5e+5	1.6e+5	62,538	31,029	1.6e+5	2.6e+5	1.7e+5	63,351	34,773	1.7e+5
Jan.-Jun.	B1(dCα1)	0.999	1.000	0.999	0.997	0.999	Aug.-Jan.	0.964	1.006	0.964	0.969	0.987
0.134	0.119	0.133	0.079	0.158	0.141	0.172	0.118	0.066	0.168
B2(dY1)	0.031	0.009	0.010	0.004	0.009	0.056	0.013	0.013	0.011	0.019
0.005	0.003	0.001	0.001	0.003	0.003	0.003	0.001	0.0005	0.002
B1=1,B2=0	18.02	3.56	27.36	19.66	3.40	131.90	12.49	90.70	253.44	34.62
F stat, Prob>F	0.00	0.03	0.00	0.00	0.03	0.00	0.00	0.00	0.00	0.00
Number of Obs.	39,075	39,075	39,075	39,075	39,075	35,810	35,810	35,810	35,810	35,810
R2(adjusted)	0.02	0.00	0.02	0.05	0.01	0.05	0.00	0.04	0.36	0.01
s.e.e.	2.6e+5	1.7e+5	67,433	30,083	1.7e+5	2.6e+5	1.9e+5	70,036	37,538	1.7e+5
Feb.-Jul.	B1(dCα1)	0.997	0.999	0.989	0.998	0.999	Sep.-Feb.	0.955	1.000	0.968	0.971	0.990
0.109	0.128	0.118	0.073	0.127	0.119	0.207	0.115	0.048	0.182
B2(dY1)	0.016	0.003	0.006	0.002	0.005	0.053	0.009	0.012	0.011	0.021
0.004	0.002	0.001	0.0004	0.003	0.003	0.002	0.001	0.001	0.002
B1=1,B2=0	9.31	0.87	25.89	8.31	1.92	126.74	8.91	72.13	217.77	36.20
F stat, Prob>F	0.00	0.42	0.00	0.00	0.15	0.00	0.00	0.00	0.00	0.00
Number of Obs.	39,710	39,710	39,710	39,710	39,710	36,030	36,030	36,030	36,030	36,030
R2(adjusted)	0.01	0.00	0.02	0.05	0.01	0.05	0.00	0.03	0.36	0.01
s.e.e.	2.9e+5	1.9e+5	64,082	29,678	2.0e+5	2.5e+5	1.6e+5	75,315	38,219	1.8e+5
Mar-Aug.	B1(dCα1)	0.998	0.996	0.967	1.002	1.005	Oct.-Mar.	0.965	0.998	0.976	0.974	0.987
0.160	0.195	0.141	0.101	0.144	0.135	0.212	0.119	0.054	0.177
B2(dY1)	0.022	0.008	0.007	0.003	0.003	0.052	0.007	0.012	0.012	0.020
0.003	0.002	0.001	0.0004	0.002	0.004	0.002	0.001	0.001	0.002
B1=1,B2=0	24.15	8.97	36.98	25.68	1.50	94.24	4.59	57.04	266.25	35.03
F stat, Prob>F	0.00	0.00	0.00	0.00	0.22	0.00	0.01	0.00	0.00	0.00
Number of Obs.	39,890	39,890	39,890	39,890	39,890	34,330	34,330	34,330	34,330	34,330
R2(adjusted)	0.01	0.00	0.01	0.03	0.00	0.06	0.00	0.04	0.38	0.01
s.e.e.	2.7e+5	1.7e+5	71,712	31,838	1.7e+5	2.7e+5	1.7e+5	82,972	37,460	1.7e+5
Apr.-Sep.	B1(dCα1)	0.985	1.003	0.995	0.988	0.981	Nov.-Apr.	0.981	0.997	0.983	0.981	0.993
0.134	0.165	0.168	0.105	0.133	0.100	0.122	0.101	0.049	0.168
B2(dY1)	0.010	-0.001	0.004	0.003	0.003	0.062	0.013	0.016	0.011	0.022
0.003	0.002	0.001	0.0004	0.002	0.004	0.002	0.001	0.001	0.003
B1=1,B2=0	4.66	0.05	11.62	29.27	1.39	135.02	14.93	146.08	236.20	35.40
F stat, Prob>F	0.01	0.95	0.00	0.00	0.25	0.00	0.00	0.00	0.00	0.00
Number of Obs.	39,470	39,470	39,470	39,470	39,470	35,015	35,015	35,015	35,015	35,015
R2(adjusted)	0.01	0.00	0.01	0.02	0.01	0.06	0.00	0.05	0.38	0.01
s.e.e.	2.7e+5	1.7e+5	72,934	32,626	1.7e+5	2.8+5	1.7e+5	67,904	37,498	1.9e+5
May.-Oct.	B1(dCα1)	0.984	1.000	0.993	0.995	0.994	Dec.-May	0.985	0.998	0.991	0.978	0.996
0.155	0.144	0.121	0.094	0.144	0.109	0.140	0.097	0.052	0.150
B2(dY1)	0.027	0.005	0.006	0.003	0.012	0.045	0.006	0.010	0.009	0.020
0.003	0.002	0.001	0.0004	0.002	0.005	0.003	0.001	0.001	0.004
B1=1,B2=0	43.69	3.34	37.21	40.70	24.89	34.63	1.67	32.71	105.24	14.55
F stat, Prob>F	0.00	0.04	0.00	0.00	0.00	0.00	0.19	0.00	0.00	0.00
Number of Obs.	40,070	40,070	40,070	40,070	40,070	34,950	34,950	34,950	34,950	34,950
R2(adjusted)	0.01	0.00	0.01	0.03	0.01	0.03	0.00	0.03	0.27	0.01
s.e.e.	2.5e+5	1.7e+5	59,673	32,622	1.5e+5	3.0e+5	1.9e+5	66,945	33,640	2.0e+5
Jun.-Nov.	B1(dCα1)	0.996	0.998	1.001	1.000	0.996
0.131	0.149	0.137	0.130	0.151
B2(dY1)	0.022	0.006	0.005	0.003	0.008
0.002	0.003	0.001	0.0004	0.003
B1=1,B2=0	89.03	2.59	19.73	30.12	5.27
F stat, Prob>F	0.00	0.08	0.00	0.00	0.01
Number of Obs.	39,810	39,81

Note: The coefficients on the change in head of household income in specification (2). The figure in the second line are standard errors. The change is defined as change in level of head's income.