Disentangling the Importance of the Precautionary Saving Motive
نویسندگان
چکیده
منابع مشابه
The Empirical Importance of Precautionary Saving
One of the basic motives for saving is the accumulation of wealth to ensure future welfare. Both introspection and extant research on consumption insurance find that people face substantial risks that they do not fairly pool. In theory, the consumption and wealth accumulation of pricetaking households in an economy with incomplete markets differs substantially from the behavior of these same ho...
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This is an entry for The New Palgrave Dictionary of Economics, 2nd Ed.
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This paper studies the quantitative importance of precautionary wealth accumulation relative to life—cycle saving for retirement. Section 1 examines panel data on earnings from the PSID. Using a bivariate normal model of random effects, we find that second— period—of—life earnings are strongly positively correlated with initial earnings but have a higher variance. Section 2 studies the conseque...
متن کاملPrecautionary Saving and the Timing of Taxes
This paper analyzes the effects of government debt and income taxes on consumption and saving in a world of infinitely lived households having uncertain and heterogeneous incomes. The special structure of the model allows exact aggregation across households despite incomplete markets. The effects of government debt are shown to be substantial, roughly comparable to those resulting from finite h...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2004
ISSN: 1556-5068
DOI: 10.2139/ssrn.608042