This study estimates the degree of the transmission of income shocks to consumption using the partial insurance model of Blundell et al. (2008) and data taken from the Japanese Panel Survey of Consumers that cover the recessions in the 2000s. The analysis finds that the transmission of permanent income shocks to consumption was insured by half, whereas transitory income shocks were almost fully insured. Meanwhile, permanent income shocks statistically did not change over this period, whereas transitory income shocks did. These results suggest that the partial insurance model does not contradict observational changes in consumption and income inequality.

这项研究使用Blundell等人的部分保险模型估算了收入冲击向消费的传导程度。（2008年）以及日本消费者调查小组的数据，这些数据涵盖了2000年代的经济衰退。分析发现，永久收入冲击向消费的传递得到了一半的保险，而暂时性收入冲击几乎得到了充分的保险。同时，从统计上看，永久性收入冲击在此期间没有变化，而暂时性收入冲击则有变化。这些结果表明，部分保险模型与消费和收入不平等的观察性变化并不矛盾。