LaTeX source for the paper and programs for A Tractable Model of Buffer Stock Saving
AbstractWe argue that the U.S. personal saving rateâs long stability (1960sâ1980s), subsequent steady decline (1980sâ2007), and recent substantial rise (2008â2011) 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.
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Bibliographic InfoSoftware component provided by The Johns Hopkins University,Department of Economics in its series Economics Companion Software Archive with number 4.
Programming language: Mathematica
Date of creation: Sep 2012
Date of revision:
Other versions of this item:
- Christopher Carroll, 2010. "LaTeX source for the paper and programs for A Tractable Model of Buffer Stock Saving," Economics Companion Software Archive 1, The Johns Hopkins University,Department of Economics.
- Christopher Carroll & Jiri Slacalek & Martin Sommer, 2012. "Dissecting Saving Dynamics: Measuring Wealth, Precautionary, and Credit Effects," Economics Working Paper Archive 602, The Johns Hopkins University,Department of Economics.
- E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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