asymmetry are usually considered as mutually exclusive. Using a single data set for US personal consumption, income and wealth … literature. Our findings can also be interpreted in the context of the secular decline in the US personal savings rate before the …Verschiedene Abweichungen von der Permanenten Einkommenshypothese mit rationalen Erwartungen sind in der Literatur …

life-time wealth and then the optimal consumption path. The derived model captures precautionary saving, which is dependent … on the human to non-human wealth ratio. On aggregate level, after accounting for habit formation, the model is able to …

solution we assume that consumers solve their intertemporal optimization problem sequentially. First they assess risk …-adjusted life-time wealth and then the optimal consumption path. The derived model captures precautionary saving, which is dependent … on the human to non-human wealth ratio. On aggregate level, after accounting for habit formation, the model is able to …

asymmetry are usually considered as mutually exclusive. Using a single data set for US personal consumption, income and wealth … literature. Our findings can also be interpreted in the context of the secular decline in the US personal savings rate before the …

asymmetry are usually considered as mutually exclusive. Using a single data set for US personal consumption, income and wealth … be interpreted in the context of the secular decline in the US personal savings rate over the past decades: although … wealth declines can have considerable negative consumption effects in the short run, households have apparently been able, in …