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The importance of precautionary motives in explaining individual and aggregate saving

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  • Hubbard, R. Glenn
  • Skinner, Jonathan
  • Zeldes, Stephen P.

Abstract

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.

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Bibliographic Info

Article provided by Elsevier in its journal Carnegie-Rochester Conference Series on Public Policy.

Volume (Year): 40 (1994)
Issue (Month): 1 (June)
Pages: 59-125

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Handle: RePEc:eee:crcspp:v:40:y:1994:i::p:59-125

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Web page: http://www.elsevier.com/locate/jme

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