Arbeitspapier

Dissecting saving dynamics: Measuring wealth, precautionary, and credit effects

We argue that the US 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.

Sprache
Englisch

Erschienen in
Series: CFS Working Paper ; No. 2012/10

Klassifikation
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Business Fluctuations; Cycles
Thema
Consumption
Saving
Wealth
Credit
Uncertainty
Sparen
Gesamtwirtschaftlicher Konsum
Buffer-Stock-Ansatz
Lohn
Risiko
Verschuldungsrestriktion
USA

Ereignis
Geistige Schöpfung
(wer)
Carroll, Christopher D.
Slacalek, Jiri
Sommer, Martin
Ereignis
Veröffentlichung
(wer)
Goethe University Frankfurt, Center for Financial Studies (CFS)
(wo)
Frankfurt a. M.
(wann)
2012

Handle
URN
urn:nbn:de:hebis:30:3-272536
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Carroll, Christopher D.
  • Slacalek, Jiri
  • Sommer, Martin
  • Goethe University Frankfurt, Center for Financial Studies (CFS)

Entstanden

  • 2012

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