Replication data for: Labor Market Uncertainty and Portfolio Choice Puzzles

Jay H. Hong, Yongsung Chang & Marios Karabarbounis
The standard life-cycle models of household portfolio choice have difficulty generating a realistic age profile of risky share. These models not only imply a high risky share on average but also a steeply decreasing age profile, whereas the risky share is mildly increasing in the data. We introduce age-dependent, labor market uncertainty into an otherwise standard model. A great uncertainty in the labor market—high unemployment risk, frequent job turnovers, and an unknown career path—prevents young...
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