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Author :
Publisher :
ISBN 13 : 9789058334756
Total Pages : pages
Book Rating : 4.3/5 (347 download)
Download or read book The precautionary saving motive and wealth accumulation written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Arthur B. Kennickell
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.0/5 ( download)
Download or read book Disentangling the Importance of the Precautionary Saving Motive written by Arthur B. Kennickell and published by . This book was released on 2004 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: We assess the importance of the precautionary saving motive by relying on a direct question about precautionary wealth from the 1995 and 1998 waves of the Survey of Consumer Finances. In this survey, a new question has been designed to elicit the amount of desired precautionary wealth. This allows us to bound the amount of precautionary accumulation and to overcome many of the problems of previous works on this topic. We find that a precautionary saving motive exists and affects virtually every type of household. Even though this motive does not give rise to large amounts of wealth for young and middle-age households, it is particularly important for two groups: older households and business owners. Overall, we provide strong evidence that we need to take the precautionary saving motive into account when modeling saving behavior.
Author : Bradley K. Wilson
Publisher :
ISBN 13 :
Total Pages : 134 pages
Book Rating : 4.:/5 (398 download)
Download or read book An Inquiry Into the Empirical Importance of Precautionary Saving Motives in the Accumulation of Household and Aggregate Wealth written by Bradley K. Wilson and published by . This book was released on 1998 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marco Cagetti
Publisher :
ISBN 13 :
Total Pages : 154 pages
Book Rating : 4.:/5 (446 download)
Download or read book Wealth Accumulation and Precautionary Savings written by Marco Cagetti and published by . This book was released on 2000 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Pierre-Olivier Gourinchas
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.X/5 (6 download)
Download or read book The Empirical Importance of Precautionary Saving written by Pierre-Olivier Gourinchas and published by . This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the basic motives for saving is the accumulation of wealth to insure 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 price-taking households in an economy with incomplete markets differs substantially from the behavior of these same households in the equivalent economy with complete-markets. The question we address in this article is whether we find this difference to be large in practice. What is the empirical importance of precautionary saving? We provide a simple decomposition that characterizes the importance of precautionary saving in the U.S. economy. We use this decomposition as an organizing framework to present four main findings: (a) the concavity of the consumption policy rule, (b) the importance of precautionary saving for life-cycle saving and wealth accumulation, (c) the contribution of changes in risk to fluctuations in aggregate consumption and (d) the significant impact of incomplete markets on aggregate fluctuations in calibrated general equilibrium models. We conclude with directions for future research.
Author : Arthur B. Kennickell
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Disentangling the Importance of the Precautionary Saving Motive written by Arthur B. Kennickell and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We evaluate the importance of the precautionary saving motive by relying on a direct question about precautionary wealth from the 1995 and 1998 waves of the Survey of Consumer Finances. In this survey, a new question has been designed to elicit the amount of desired precautionary wealth. This allows us to assess the amount of precautionary accumulation and to overcome many of the problems of previous works on this topic. We find that a precautionary saving motive exists and affects virtually every type of household. However, precautionary savings account for only 8 percent of total wealth holdings. Even though this motive does not give rise to large amounts of wealth, particularly for young and middle-age households, it is particularly important for two groups: older households and business owners. Overall, we provide strong evidence that we need to take the precautionary saving motive into account when modeling saving behavior.
Author : Ricardo J. Caballero
Publisher :
ISBN 13 :
Total Pages : 21 pages
Book Rating : 4.:/5 (297 download)
Download or read book Earnings Uncertainty, Precautionary Savings and Aggregate Wealth Accumulation written by Ricardo J. Caballero and published by . This book was released on 1990 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter Corstiaan Santen
Publisher :
ISBN 13 : 9789036758444
Total Pages : 170 pages
Book Rating : 4.7/5 (584 download)
Download or read book Precautionary Saving, Wealth Accumulation and Pensions written by Peter Corstiaan Santen and published by . This book was released on 2013 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Erik Hurst
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.3/5 ( download)
Download or read book Precautionary Savings and the Importance of Business Owners written by Erik Hurst and published by . This book was released on 2005 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we show the pivotal role business owners play in estimating the importance of the precautionary saving motive. Since business owners hold larger amounts of wealth than other households for non-precautionary reasons and also face highly volatile income, they induce a correlation between wealth and income risk regardless of whether or not a precautionary saving motive exists. Using data from the Panel Study of Income Dynamics in the 1980s and the 1990s, we show that among both business owners and non-business owners, the size of precautionary savings with respect to labor income risk is modest and accounts for less than ten percent of total household wealth. However, pooling together the two groups leads to an artificially high estimate of the importance of precautionary savings. New data from the Survey of Consumer Finances further confirms that precautionary savings account for less than ten percent of total wealth for both business owners and non-business owners. Thus, while a precautionary saving motive exists and affects all households, it does not give rise to high amounts of wealth in the economy, particularly among those households who face the most volatile stream of income.
Author : Mr.Christopher Carroll
Publisher : International Monetary Fund
ISBN 13 : 1475505698
Total Pages : 47 pages
Book Rating : 4.4/5 (755 download)
Download or read book Dissecting Saving Dynamics written by Mr.Christopher Carroll and published by International Monetary Fund. This book was released on 2012-09-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. Saving in the model is affected by the gap between ‘target’ and actual wealth, with the target wealth determined by credit conditions and uncertainty. An estimated structural version of the model suggests that increased credit availability accounts for most of the saving rate’s long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business-cycle variation.
Author : Annamaria Lusardi
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (798 download)
Download or read book Precautionary Saving and the Accumulation of Wealth written by Annamaria Lusardi and published by . This book was released on 2000 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael J. Sampson
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (246 download)
Download or read book Precautionary Savings and Wealth Accumulation with Parameter Uncertainty and Learning written by Michael J. Sampson and published by . This book was released on 1994 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : R. Glenn Hubbard
Publisher :
ISBN 13 :
Total Pages : 61 pages
Book Rating : 4.:/5 (314 download)
Download or read book Precautionary Saving and Social Insurance written by R. Glenn Hubbard and published by . This book was released on 1994 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Microdata studies of household saving often find a significant group in the population with virtually no wealth, raising concerns about heterogeneity in motives for saving. In particular, this heterogeneity has been interpreted as evidence against the life-cycle model of saving. This paper argues that a life-cycle model can replicate observed patterns in household wealth accumulation after accounting explicitly for precautionary saving and asset-based means- tested social insurance. We demonstrate theoretically that social insurance programs with means tests based on assets discourage saving by households with low expected lifetime income. In addition, we evaluate the model using a dynamic programming model with four state variables. Assuming common preference parameters across lifetime- income groups, we are able to replicate the empirical pattern that low-income households are more likely than high-income households to hold virtually no wealth. Low wealth accumulation can be explained as a utility-maximizing response to asset-based means-tested welfare programs
Author : Chris Carroll
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.3/5 (91 download)
Download or read book How Important is Precautionary Saving? written by Chris Carroll and published by . This book was released on 1995 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the fraction of the wealth of a sample of PSID respondents that is held because some households face greater income uncertainty than others. We first derive an equation characterizing the theoretical relationship between wealth and uncertainty in a buffer-stock model of saving. Next, we estimate that equation using PSID data; we find strong evidence that households engage in precautionary saving. Finally, we simulate the wealth distribution that would prevail if all households had the same uncertainty as the lowest-uncertainty group. We find that between 39 and 46 percent of wealth in our sample is attributable to uncertainty differentials across groups.
Author : Albert Ando
Publisher : Cambridge University Press
ISBN 13 : 9780521032230
Total Pages : 428 pages
Book Rating : 4.0/5 (322 download)
Download or read book Saving and the Accumulation of Wealth written by Albert Ando and published by Cambridge University Press. This book was released on 2006-11-23 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: The evolution of private saving and its interaction with government fiscal policy play an important and complex role in the development of the national economy. To gain insight into this process, we must first understand the savings behavior of individual households and the ways in which they aggregate over the entire population to produce national saving. Italy provides an ideal laboratory in which to assess the impact of government and private transfer, imperfections in the capital markets, productivity growth and shifting demographic patterns on the saving behavior of individual households and on their aggregation into total private saving. The book draws on the Italian experience and data, and offers new findings on many aspects of the process of saving determination.
Author : R. Glenn Hubbard
Publisher :
ISBN 13 :
Total Pages : 85 pages
Book Rating : 4.:/5 (294 download)
Download or read book The Importance of Precautionary Motives in Explaining Individual and Aggregate Saving written by R. Glenn Hubbard and published by . This book was released on 1993 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Joseph W. Gruber
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 (121 download)
Download or read book Precautionary Savings and the Wealth Distribution with Illiquid Durables written by Joseph W. Gruber and published by . This book was released on 2003 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
