TY  - UNPD
A1  - Carroll, Christopher D.
A1  - Slacalek, Jiri
A1  - Sommer, Martin
T1  - Dissecting saving dynamics: measuring wealth, precautionary, and credit effects
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2012,10
N2  - We argue that the U.S. personal saving rate’s long stability (1960s–1980s), subsequent steady decline (1980s–2007), and recent substantial rise (2008–2011) can be interpreted using a parsimonious ‘buffer stock’ model of 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 determined by credit conditions and uncertainty. An estimated structural version of the model suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and uncertainty capture the bulk of the business-cycle variation.
T3  - CFS working paper series - 2012, 10 
KW  - Consumption
KW  - Saving
KW  - Wealth
KW  - Credit
KW  - Uncertainty
Y1  - 2012
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/27253
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-272536
IS  - September 16, 2012
PB  - CFS
CY  - Frankfurt, Main
ER  -