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Were Nineteenth-Century Industrial Workers Permanent Income Savers? / Howard Bodenhorn.
- Format:
- Book
- Author/Creator:
- Bodenhorn, Howard.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w23948.
- NBER working paper series no. w23948
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2017.
- Summary:
- Theories of household saving posit that households add to or draw down wealth to equalize the discounted presented value of consumption over time. This paper examines the extent to which nineteenth-century urban American industrial workers used saving and dissaving to smooth consumption in response to unanticipated, plausibly exogenous, shocks to income. Information on the expected and unexpected number of days unemployed is used to construct estimates of transitory income. The data are then used to estimate the marginal propensity to save from transitory income, and the results are broadly consistent with Friedman's (1957) permanent income hypothesis.
- Notes:
- Print version record
- October 2017.
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