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Dissecting Saving Dynamics.
We argue that the U.S. personal saving rate's long stability (from the 1960's through the early 1980's), subsequent steady decline (1980's - 2007), and recent substantial increase (2008 - 2011) can all be interpreted using a parsimonious 'buffer stock' model of optimal...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Otros Autores: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington :
International Monetary Fund,
2012.
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| Colección: | IMF Working Papers.
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| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | We argue that the U.S. personal saving rate's long stability (from the 1960's through the early 1980's), subsequent steady decline (1980's - 2007), and recent substantial increase (2008 - 2011) can all be interpreted using a parsimonious 'buffer stock' model of optimal 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 wealth determined by credit conditions and uncertainty. An estimated structural version of the model suggests that increased credit availability accounts for. |
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| Descripción Física: | 1 online resource (48 pages) |
| ISBN: | 9781475513660 1475513666 |