correlation between wealth and the saving rate over a longer time span. In this paper, we combine household-level data from the …, econometric analysis of these data produces propensities to consume out of wealth in the range of typical estimates obtained from … aggregate data. Taken together, our results corroborate a direct view of the wealth effect on consumption. …

their wealth as precautionary balances in order to self-insure. Precautionary balances are those financial vehicles which …

wealth who were nonstockholders in 1983 had an increased conditional probability of entering by 1989, while 1983 stockholders …

considerable career uncertainty. We study long-run precautionary motives for life-cycle wealth accumulation and portfolio choice …

-practice techniques and some new strategies to relate unemployment probabilities from the Current Population Survey to net worth data from … level of income. This finding is robust to certain restrictions on the sample, but not robust across measures of wealth: We … generally find a significant precautionary motive in broad measures of wealth that include home equity, but not in narrower …

significant effects of age, wealth, income risk, and entry/information costs. …