Using data from 12 European countries and the variation across countries and over time inthe changes of minimum school leaving age, we study the effects of the quantity of educationon the distribution of earnings...

Recent models with liquidity constraints and impatience emphasize that consumers use savings to buffer incomefluctuations. When wealth is below an optimal target, consumers try to increase their buffer stock of wealth bysaving more, while, if wealth is above target, they increase consumption....