.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 …

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 …

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 …

terms of trade between risk-tolerant and risk-averse investors. Debt pays off equally across contingencies at a given future … date, so debt is valuable to risk-averse investors to smooth consumption across those contingencies. In an equilibrium with … trade between investors who differ in attitudes toward risk, the risk-tolerant investors borrow from the risk-averse ones …

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 …

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 …

entailing movements in factor returns and shares and the wealth-income ratio. Standard data on savings cannot be reconciled with … the increase in the wealth-income ratio: there is a wealth residual. An important component of this is associated with … “wealth” are distinct, we show that appropriately defined aggregates for wealth may be (and in the case of some countries …

Using panel data for a sample of households in Utah from 1850 to 1900 we find income and wealth age profiles that are … a relationship between age-income and age-wealth profiles that is consistent with a life-cycle model of consumption … given a concave and peaked age-income profile: households accumulate and then begin to draw down wealth holdings, the age-wealth …