consumption behavior. We demonstrate that the spirit of capitalism may reduce the importance of precautionary savings. It can also …

rises sharply with the amount of non collateral based borrowing. The household members jointly choose time paths of time use …

This paper argues that precautionary savings against uncertain income comprise a large fraction of aggregate savings. A … precautionary savings comprises up to 56 percent of aggregate life cycle savings. The derived expression for n-period optimal … comparisons of savings patterns among occupational groups using the Consumer Expenditure Survey contradict the predictions of the …