.S. savings behavior. The restrictions imposed by general equilibrium theory play an important role in arriving at each of these … characteristics of idiosyncratic labor market risk. We find that uncertainty distributed throughout the working years accounts for 40 …

usual relationship between risk and consumption. In particular, we present a model where the presence of plausible … adjustment costs can cause a mean-preserving increase in unemployment risk to lead to increased consumption. The predictions of … risk as their unemployment shocks are more highly correlated. Such couples spend more on owner-occupied housing than other …

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 …

of Income Dynamics. While a cross-section time-series regression implies that housing wealth does affect saving, a fixed …

transfers for U.S. savings. Modigliani's paper is the latest salvo in a long running debate over the importance of … intergenerational transfers in explaining savings behavior. While Modigliani corrects an algebraic error of minor consequences in our … important as those raised by Modigilani suggest that our method produces an overestimate of the importance of life cycle wealth …