Dissecting Saving Dynamics : Measuring Wealth, Precautionary, and Credit Effects

Measuring Wealth, Precautionary, and Credit Effects

Nopic
We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent steady decline (1980s - 2007), and recent substantial increase (2008 - 2011) can all be interpreted using a parsimonious 'buffer stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints.... READ MORE...

Publication date: September 2012
ISBN 9781475505696
$18.00

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