uncertainty capture the bulk of the business-cycle variation. -- Consumption ; Saving ; Wealth ; Credit ; Uncertainty … presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between 'target' and …We argue that the U.S. personal saving rate's long stability (1960s-1980s), subsequent steady decline (1980s-2007), and …

uncertainty capture the bulk of the business-cycle variation. -- Consumption ; Saving ; Wealth ; Credit ; Uncertainty … presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between "target" and …We argue that the US personal saving rate's long stability (1960s-1980s), subsequent steady decline (1980s-2007), and …

'buffer stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the …We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent … uncertainty. An estimated structural version of the model suggests that increased credit availability accounts for …