Wealth Accumulation Over the Life Cycle and Precautionary Savings
نویسندگان
چکیده
منابع مشابه
Precautionary savings over the life cycle: e cient two-stage nonparametric instrumental variables estimation
This paper considers the problem of estimating a structural model of optimal life-cycle savings, controlling both for uncertainty about health-care expenditures and household risk aversion. To avoid misleading inference, we propose a new estimation technique that compared to those already proposed in the literature enables us to deal simultaneously with the presence of (i) unobserved cross-sect...
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We study the role an illiquid durable consumption good plays in determining the level of precautionary savings and the distribution of wealth in a standard Aiyagari model (i.e. a model with heterogeneous agents, idiosyncratic uncertainty, and borrowing constraints). Transactions costs induce an inaction region over which the durable stock and the associated user cost are not adjusted in respons...
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This is an entry for The New Palgrave Dictionary of Economics, 2nd Ed.
متن کاملLongevity and Life-cycle Savings*
We add health and longevity to a standard model of life-cycle saving and show that, under plausible assumptions, increases in life expectancy lead to higher savings rates at every age, even when retirement is endogenous. In a stationary population these higher savings rates are offset by increased old age dependency, but during the disequilibrium phase, when longevity is rising, the effect on a...
متن کاملThe Nature of Precautionary Wealth
This paper uses the Panel Study of Income Dynamics to provide some of the first direct evidence that wealth is systematically higher for consumers with predictably greater income uncertainty. However, the apparent pattern of precautionary wealth is not consistent with a standard parameterization of the life cycle model in which consumers are patient enough to begin saving for retirement early i...
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ژورنال
عنوان ژورنال: Journal of Business & Economic Statistics
سال: 2003
ISSN: 0735-0015,1537-2707
DOI: 10.1198/073500103288619007