Dissecting saving dynamics: measuring wealth, precautionary, and credit effects
- 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.
| Verfasserangaben: | Christopher D. Carroll, Jiri Slacalek, Martin Sommer |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-272536 |
| Titel des übergeordneten Werkes (Deutsch): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2012,10 |
| Schriftenreihe (Bandnummer): | CFS working paper series (2012, 10) |
| Verlag: | CFS |
| Verlagsort: | Frankfurt, Main |
| Dokumentart: | Arbeitspapier |
| Sprache: | Englisch |
| Jahr der Fertigstellung: | 2012 |
| Jahr der Erstveröffentlichung: | 2012 |
| Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Datum der Freischaltung: | 18.10.2012 |
| Freies Schlagwort / Tag: | Consumption; Credit; Saving; Uncertainty; Wealth |
| Ausgabe / Heft: | September 16, 2012 |
| Seitenzahl: | 47 |
| HeBIS-PPN: | 348125526 |
| Institute: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
| DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Lizenz (Deutsch): |  Deutsches Urheberrecht |
