منابع مشابه
Precautionary Saving and Consumption Fluctuations∗
This paper uses the consumption Euler equation to derive a decomposition of consumption growth into four sources. These are new information and three sources of predictable consumption growth: intertemporal substitution, changes in the preferences for consumption, and incomplete markets for consumption insurance. Using data on the expenditures of households, we implement the decomposition for t...
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This paper examines how aversion to risk and aversion to intertemporal substitution determine the strength of the precautionary saving motive in a two-period model with Selden/Kreps-Porteus preferences. For small risks, we derive a measure of the strength of the precautionary saving motive which generalizes the concept of “prudence” introduced by Kimball [12]. For large risks, we show that decr...
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Knowledge of the distribution function of the stochastically compounded value of a series of future (positive and/or negative) payments is needed for solving several problems in an insurance or finance environment, see e.g. Dhaene et al. (2002 a,b). In Kaas et al. (2000), convex lower bound approximations for such a sum have been proposed. In case of changing signs of the payments however, the ...
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Consumption and saving decisions are at the heart of both short-run and long-run macroeconomic analysis (as well as much of microeconomics). In the short run, spending dynamics are of central importance for business cycle analysis and the management of monetary policy. And in the long run, aggregate saving determines the size of the aggregate capital stock, with consequences for wages, interest...
متن کاملSecular Movements in U.S. Saving and Consumption
The U.S. national saving rate has been declining since the 1960s while the share of consumption in output has been increasing. We explore if a standard growth model can explain the secular movements observed in this time period. Our quantitative findings indicate that the standard neoclassical growth model is able to generate saving rates and consumption that are remarkably similar to the data ...
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ژورنال
عنوان ژورنال: Journal of Central Banking Theory and Practice
سال: 2015
ISSN: 2336-9205
DOI: 10.1515/jcbtp-2015-0014