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LaTeX source for the paper and programs for A Tractable Model of Buffer Stock Saving

Author

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  • Christopher Carroll

    ()

Abstract

We argue that the U.S. personal saving rate’s long stability (1960s–1980s), subsequent steady decline (1980s–2007), and recent substantial rise (2008–2011) 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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Suggested Citation

  • 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.
  • Handle: RePEc:jhu:softwa:1
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    File URL: http://www.econ2.jhu.edu/people/ccarroll/papers/ctDiscrete.zip
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    Cited by:

    1. Elena Rusticelli & Richard Ashley & Estela Bee Dagum & Douglas Patterson, 2009. "A New Bispectral Test for NonLinear Serial Dependence," Econometric Reviews, Taylor & Francis Journals, vol. 28(1-3), pages 279-293.

    More about this item

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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