Kennickell, Arthur B. (contributor); … - 2005
permanent income; X
h
is a set of controls for wealth including age, demographics, and other
household characteristics; and g … International Association for
Research in Income and Wealth, Stockholm, Sweden, for suggestions and comments. Any errors are our … wealth can be explained by precautionary
savings due to income risk. Caballero (1991), Gourinchas and Parker (2002), and …