the period 1980q1-2011q4. That is, income is more often found to predict consumption and saving than the converse. Our …The ‘saving for a rainy day’ hypothesis implies that households’ saving decisions reflect that they can (rationally … modus operandi is to investigate the ‘saving for a rainy day’ hypothesis by testing (weak) exogeneity of income and …

consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for … temporarily allow consumption to rise. Regarding housing returns, if housing assets are complementary to stocks, then investors … their consumption. …

deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for … future stock returns to be higher, they will temporarily allow consumption to rise. Regarding housing returns, if housing … substitutes consumption will be temporarily reduced. …

, this implies higher saving rates by young men and lower saving rates by young women than in less traditional countries, the … opposite being the case with saving rates of married women relative to those of married men. We establish the relevance of …

In this paper we examine the role of mortgage equity withdrawal in explaining the decline of the US saving rate, since … affect the saving rate. We estimate a Vector Error Correction (VEC) model including the saving rate, asset prices, equity … withdrawal and interest rates and find that indeed mortgage equity withdrawal is a key determinant of the observed saving pattern …

collapse of personal saving in the U.S. over the last few decades. Using a calibrated, general equilibrium life-cycle model … the social security tax rate (as in the U.S. over the last half century) produces a modest decline in the personal saving …

How does risk affect saving? Empirical work typically examines the effects of detectible differences in risk within the … data. How these differences affect saving in theoretical models depends on the metric one uses for risk. For labor …-income risk, second-degree increases in risk require prudence to induce increased saving demand. However, prudence is not …

information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The …

the period 1980q1-2011q4. That is, income is more often found to predict consumption and saving than the converse. Our …The ‘saving for a rainy day' hypothesis implies that households' saving decisions reflect that they can (rationally … modus operandi is to investigate the ‘saving for a rainy day' hypothesis by testing (weak) exogeneity of income and …