labor income is a random walk, it is optimal for impatient liquidity constrained consumers simply to consume their incomes …. As a consequence, a liquidity constrained representative agent cannot generate aggregate U.S. saving behavior if that … processes do not resemble their average, and it is possible to construct a model of microeconomic saving under liquidity …

labor income is a random walk, it is optimal for impatient liquidity constrained consumers simply to consume their incomes …. As a consequence, a liquidity constrained representative agent cannot generate aggregate U.S. saving behavior if that … processes do not resemble their average, and it is possible to construct a model of microeconomic saving under liquidity …

firms largely follow the precautionary savings motive and do not seem to misappropriate their funds when shifting them …

We explore the forces that drive cash savings in equity issuance using the average cash-savings rate instead of the … marginal cash-savings rate that overstates individual issuers’ cash savings. Equity issuers with high investment opportunities …, or market-timed equity issuance have limited influence on equity issuers’ cash savings decisions. Much of the previously …