Uninsured Idiosyncratic Risk and Aggregate Saving
The author presents a qualitative and quantitative analysis of the standard growth model modified to include precautionary saving motives and liquidity constraints. He addresses the impact on the aggregate saving rate, the importance of asset trading to individuals, and the relative inequality of wealth and income distributions. Copyright 1994, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.
Volume (Year): 109 (1994)
Issue (Month): 3 (August)
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