Grâce aux récents développements des méthodes d'approximation numérique, des progrès marquants ont été réalisés pour comprendre et vérifier le comportement d'épargne de précaution. Cet article passe en revue les déterminants de l'épargne de précaution, l'effet des politiques...

The permanent income hypothesis under certainty equivalence implies that optimal consumption is more volatile than labour income, when labour income is positively autocorrelated in first differences. Empirically, certainty equivalence is rejected because observed consumption is excessively...

The permanent income hypothesis under certainty equivalence yields a martingale consumption process. Empirically, this hypothesis is rejected because consumption is excessively sensitive to anticipated income. One approach to account for excess sensitivity is to relax certainty equivalence by...

This paper gauges the strenght of precautionary saving motives by estimating the coefficient of prudence from the U.K. Family Expenditure Survey data set (a time series of cross-sections). Most instrumental variables estimates reveal that larger uncertainty leads to smaller current saving, and...