Precautionary Saving and the Accumulation of Wealth
In this paper, I estimate the extent of precautionary accumulation using data from a new survey: the US Health and Retirement Study, which samples older households. I account for many determinants of wealth, not only past economic circumstances and expectations about future resources, but also individual preferences, such as risk aversion and impatience. In addition and most importantly, I account for risk using subjective data on the probability of job loss in the future.
|Date of creation:||Aug 2000|
|Date of revision:|
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Web page: http://harrisschool.uchicago.edu/
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- Caballero, Ricardo J., 1990. "Consumption puzzles and precautionary savings," Journal of Monetary Economics, Elsevier, vol. 25(1), pages 113-136, January.
- Christopher D. Carroll, 1996.
"Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis,"
NBER Working Papers
5788, National Bureau of Economic Research, Inc.
- Christopher D Carroll, 1990. "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis," Economics Working Paper Archive 371, The Johns Hopkins University,Department of Economics, revised Aug 1996.
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