摘要：The paper confronts a key implication of the precautionary model of saving/consumption,
using micro-data on British households. The results provide support for the key proposition
that job insecurity affects consumption. A one standard deviation increase in unemployment
risk for the head of household is estimated to reduce consumption by 2.7 per cent. This
effect is greater for the young, those without non-labour income and manual workers—for
whom precautionary effects might be expected to be stronger apriori. Consumer durables
purchases are also found to be inversely related to unemployment risk.
