Yi, Myung Hoon; Choi, Changkyu - In: Applied Economics 38 (2006) 1, pp. 71-78
Using GMM estimation with the US data from January 1967 to April 2003, the precautionary saving hypothesis is tested using time-varying consumption uncertainty and a nonexpected-utility model of intertemporal optimal consumption. Overidentifying restrictions of the model specification are also...