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作者 Carroll, Christopher
書名 Dissecting Saving Dynamics : Measuring Wealth, Precautionary, and Credit Effects
出版項 Washington DC : International Monetary Fund, 2012
©2012
國際標準書號 9781475513660 (electronic bk.)
9781475505696
book jacket
說明 1 online resource (48 pages)
text txt rdacontent
computer c rdamedia
online resource cr rdacarrier
系列 IMF Working Papers
IMF Working Papers
附註 Cover -- Contents -- I. Introduction -- II. Theory: Target Wealth and Credit Conditions -- III. Data and Measurement Issues -- IV. Reduced-Form Saving Regressions -- A. Baseline Estimates -- B. Robustness Checks -- C. Sub-Sample Stability -- D. Saving Rate Decompositions -- V. Structural Estimation -- A. Estimation Procedure -- B. Results -- VI. Conclusions -- References -- Tables -- 1. Preliminary Saving Regressions and the Time Trend -- 2. Additional Saving Regressions I.-Robustness to Explanatory Variables -- 3. Additional Saving Regressions II.-Sub-sample Stability -- 4. Personal Saving Rate-Actual and Explained Change, 2007-2010 -- 5. Calibration and Structural Estimates -- 6. Preliminary Saving Regressions and the Time Trend-Saving Rate Generated by the Structural Model -- 7. Univariate Properties of Disposable Income and Personal Saving Rate -- 8. Campbell (1987) Saving for a Rainy Day Regressions -- Figures -- 1. Personal Saving Rate in 2007-2011 and Previous Recessions -- 2. Consumption Function (Stable Arm of Phase Diagram) -- 3. A Wealth Shock -- 4. Relaxation of a Natural Borrowing Constraint from 0 to h -- 5. Dynamics of the Saving Rate after an Increase in Unemployment Risk -- 6. Net Worth-Disposable Income Ratio -- 7. The Credit Easing Accumulated (CEA) Index -- 8. Unemployment Risk E[sub(t)]u[sub(t+4)] and Unemployment Rate (Percent) -- 9. The Fit of the Baseline Model and the Time Trend-Actual and Fitted PSR (Percent of Disposable Income) -- 10. The Fit of the Baseline Model and the Model with Full Controls (of Table 2)-Actual and Fitted PSR (Percent of Disposable Income) -- 11. Extent of Credit Constraints mt (Fraction of Quarterly Disposable Income) -- 12. Per Quarter Permanent Unemployment Risk Ω[sub(t)] -- 13. Fit of the Structural Model-Actual and Fitted PSR (Percent of Disposable Income)
14. Decomposition of Fitted PSR (Percent of Disposable Income) -- 15. Alternative Measures of Credit Availability -- 16. Growth of Real Disposable Income (Percent) -- 17. Personal Saving Rate (Percent of Disposable Income)
We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent steady decline (1980s - 2007), and recent substantial increase (2008 - 2011) can all be interpreted using a parsimonious 'buffer stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between 'target' and actual wealth, with the target wealth determined by credit conditions and uncertainty. An estimated structural version of the model suggests that increased credit availability accounts for most of the saving rate's long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business-cycle variation
Description based on publisher supplied metadata and other sources
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2020. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
鏈接 Print version: Carroll, Christopher Dissecting Saving Dynamics : Measuring Wealth, Precautionary, and Credit Effects Washington DC : International Monetary Fund,c2012 9781475505696
主題 Saving and investment.;Wealth
Electronic books
Alt Author Sommer, Martin
Slacalek, Jiri
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