models of Carroll (1997), and Deaton (1991), to allow for uncollaterized borrowing and default. In case households choose to … economic expansion and low unemployment; and, (b) why households hold simultaneously high cost debt and low return assets. …

precautionary saving. Departing from the majority of studies on precautionary saving we also analyze households' response in terms … households reacted to the increase in uncertainty about the future path of income that such an event produced. Our estimates are …

Housing and pension wealth are shown to be important determinants of personal sector consumption and retirement … promotes greater savings. Greater private defined benefit pension wealth encourages earlier retirement, while greater de …¯ned contribution pension wealth has the e®ect of delaying retirement. State pension wealth appears to have no effect on the retirement …

We analyze the impact of an increase in the risk of divorce on the saving behaviour of married couples. From a … in 1996 as an exogenous increase in the likelihood of marital dissolution. We analyze the saving behaviour over time of …

This paper uses data from the British Household Panel Survey and the Attitudes to Inheritances Survey to estimate the … in 2004. This is about one tenth of the aggregate value of inheritances reported to the same survey, or about 2.3 per … cent of total wealth at the time. One section of BHPS implies an annual flow of parental transfers of only around £1 …