incorporate the effects of macroeconomic uncertainty on private savings behavior. It is shown that the greater the uncertainty in … savings and, other things equal, the larger is the current account surplus. Empirical support for the model is found using …

We study, both empirically and quantitatively, the role of savings and the labor supply in self-insurance channels over … the life cycle when one faces not only idiosyncratic income risks, but also changes in longevity risk and pension benefits … social security benefits for the period 1995-2009. We find that both savings and the labor supply are quantitatively …

This paper develops and tests a model of Japan’s household savings rate, based on the life-cycle hypothesis that the … primary motive for savings is provision for retirement. The paper shows that Japan’s high household savings rate in recent … improvements in public pension benefits and the aging of the population. It projects that the savings rate will decline …