We argue that the U.S. personal saving rate's long stability (1960s-1980s), subsequent steady decline (1980s-2007), and … presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between 'target' and … suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and …

We argue that the US personal saving rate's long stability (1960s-1980s), subsequent steady decline (1980s-2007), and … of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between target and actual … suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and …

We present a model where the saving rate of the household sector, especially households at the bottom of the income … saving rate of the household sector. Such a process is unsustainable because it leads to an increase in the household debt …

We argue that the U.S. personal saving rate's long stability (1960s-1980s), subsequent steady decline (1980s-2007), and … presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between 'target' and … suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and …

We argue that the US personal saving rate's long stability (1960s-1980s), subsequent steady decline (1980s-2007), and … presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between "target" and … suggests that increased credit availability accounts for most of the long-term saving decline, while fluctuations in wealth and …

We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent … stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the model … saving rate's long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business …