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The Importance of Precautionary Motives in Explaining Individual and Aggregate Saving / R. Glenn Hubbard, Jonathan Skinner, Stephen P. Zeldes.
- Format:
- Book
- Author/Creator:
- Hubbard, R. Glenn.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w4516.
- NBER working paper series no. w4516
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1993.
- Summary:
- This paper examines predictions of a life-cycle simulation model -- in which individuals face uncertainty regarding their length of life, earnings, and out-of-pocket medical expenditures, and imperfect insurance and lending markets -- for individual and aggregate wealth accumulation. Relative to life-cycle or buffer-stock alternatives, our augmented life-cycle model better matches a variety of features of U.S. data, including: (1) aggregate wealth, (2) cross-sectional differences in wealth-age and consumption-age profiles by education group, and (3) short-run time-series co-movements of consumption and income.
- Notes:
- Print version record
- November 1993.
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