This paper proposes and studies a theory of adaptive consumption behavior under income uncertainty and liquidity … constraints. We assume that consumption is governed by a linear function of wealth, whose coefficients are revised each period by …

This paper examines the extent to which permanent terms-of-trade shocks have an asymmetric effect on private savings … in bad states of nature, savings rates will respond asymmetrically to favorable movements in the permanent component of … standard determinants of private savings. The results, based on panel data for non-oil commodity exporters of sub …

increases the precautionary saving motive around levels of wealth where the constraint becomes binding. Second, we provide a …

This paper is concerned with the theory of saving when consumers are not permitted to borrow, and with the ability of … such a theory to account for some of the stylized facts of saving behavior. When consumers are relatively impatient, and …

their precautionary savings. This depresses interest rates, especially in the short run, and generates an output drop, even …

the model, saving depends on the gap between 'target' and actual wealth, with the target determined by measured credit … supply explains the trend decline in saving, while fluctuations in wealth and consumer-survey-measured unemployment …

This paper estimates reduced form retirement and wealth equations, and analyzes the relationship between them. Data are … model of retirement and wealth. To improve retirement analysis, we develop the premium value, a measure of the future value …

wealth accumulation is to finance future consumption, either their own or that of heirs. The paper concludes that the … simplest model that explains the relevant facts is one in which either consumers regard the accumulation of wealth as an end in … itself, or unspent wealth yields a flow of services (such as power or social status) which have the same practical effect on …

This paper uses the Panel Study of Income Dynamics to provide some of the first direct evidence that wealth is … retirement early in life: wealth is estimated to be less sensitive to uncertainty in permanent income than implied by that model …-stock' models of saving described in Carroll (1992) or Deaton (1991), in which consumers hold wealth principally to insulate …