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