In this paper we examine the concept of "vulnerability" (Townsend 1994) within the context of income mobility of the poor. We test for the dynam- ics of vulnerable households in the UK using Waves 1 - 12 of the British Household Panel Survey and nd that, of three di¤erent types of risks that we test for, household-speci c shocks and economy-wide aggregate shocks have the greatest impact on consumption, in comparison to shocks to the income stream. Quantile-speci c estimates reveal speci c qu...Expand abstract
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Modelling Vulnerability in the UK.
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