The paper uses a detailed household survey to document precautionary wealth accumulation in Afghanistan, with wealth being significantly higher for households facing higher income uncertainty. Annual household expenditure on nondurable goods is also lower for these households. There is no...

Martin Stuart ("Marty") Feldstein, currently George F. Baker Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research, Inc. (NBER), is a renowned American economist who has made important contributions to public finance, macroeconomics,...