This paper argues that precautionary savings against uncertain income comprise a large fraction of aggregate savings. A … precautionary savings comprises up to 56 percent of aggregate life cycle savings. The derived expression for n-period optimal … comparisons of savings patterns among occupational groups using the Consumer Expenditure Survey contradict the predictions of the …

probabilities of survival result in increased household wealth among couples, with no effect on the length of the working life …

the prediction of the national savings rate of Korea for the next several decades, we employ a life-cycle model, which … that the rapid population aging and long-term budgetary imbalance will substantially lower the national savings rate in … introduction of reverse annuity mortgage is likely to further decrease the savings rate in the future …

Health and Retirement Study (HRS). In particular, we investigate the influence of aging and health shocks on a household …

elderly in the U.S., the EU, and Japan will more than double. At the same time, the number of workers available to pay the … life-cycle model. The model has three regions the U.S. Japan which exchange goods and capital. The model features …

being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel … Survey of Consumers, conducted by the Institute for Research on Household Economics, in conjunction with judicial data by …

importance of borrowing constraints in Japan. We find (1) that 8 to 15 percent of young married Japanese households are borrowing …-constrained, (2) that household assets and the husband's educational attainment are the most important determinants of whether or not … a household is borrowing-constrained, and (3) that the Euler equation implication is rejected for both the full sample …