Agricultural Precautionary Wealth
Using panel data, the relationship between income uncertainty and the stock of wealth through precautionary saving is examined. Evidence from Kansas data is consistent with the precautionary saving motive in that farm households facing greater uncertainty in income maintain larger stocks of wealth in order to smooth consumption. These results are found by regressing net worth against measures of permanent income (life-cycle income), measures of uncertainty, and demographic variables.
Volume (Year): 29 (2004)
Issue (Month): 01 (April)
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- Pierre-Olivier Gourinchas & Jonathan A. Parker, 2002.
"Consumption Over the Life Cycle,"
Econometric Society, vol. 70(1), pages 47-89, January.
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"Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis,"
NBER Working Papers
5788, National Bureau of Economic Research, Inc.
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The Review of Economics and Statistics,
MIT Press, vol. 79(2), pages 241-247, May.
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