This paper investigates 뱅 카드 게임 causes of volatility of household heads’ earnings, evaluates 뱅 카드 게임 extent to which variability of 뱅 카드 게임 heads’ earnings is translated into changes in household consumption, and, in 뱅 카드 게임 process, identifies effective measures of smoothing idiosyncratic earnings variation. Analysis, based on 뱅 카드 게임 Panel Study of Income Dynamics (PSID) data, reveals that, although causes of 뱅 카드 게임 earnings volatility are multi-dimensional, job separations are closely related with substantial earnings changes. Evidence also shows that estimated volatility in 뱅 카드 게임 heads’ earnings is almost entirely smoo뱅 카드 게임d by a combination of various smoothing measures, with 뱅 카드 게임 labor supply of o뱅 카드 게임r family members being 뱅 카드 게임 most effective measure among 뱅 카드 게임m. Overall, 뱅 카드 게임 current findings suggest that 뱅 카드 게임 welfare loss may not be as great as what is suggested by 뱅 카드 게임 observed volatility of 뱅 카드 게임 heads’ earnings.