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The Importance of Precautionary Motives in Explaining Individual and Aggregate Saving

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Author Info
R. Glenn Hubbard
Jonathan Skinner
Stephen P. Zeldes

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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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4516.

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Date of creation: Nov 1994
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Handle: RePEc:nbr:nberwo:4516

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Find related papers by JEL classification:
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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This page was last updated on 2009-11-21.

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