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005    20200713055258.0 
006    m     o  d |       
007    cr cnu|||||||| 
008    200713s2012    xx      o     ||||0 eng d 
020    9781475513660|q(electronic bk.) 
020    |z9781475505696 
035    (MiAaPQ)EBC1606970 
035    (Au-PeEL)EBL1606970 
035    (CaPaEBR)ebr10627102 
035    (OCoLC)870245044 
040    MiAaPQ|beng|erda|epn|cMiAaPQ|dMiAaPQ 
050  4 HB822 -- .C37 2012eb 
082 0  332.024 
100 1  Carroll, Christopher 
245 10 Dissecting Saving Dynamics :|bMeasuring Wealth, 
       Precautionary, and Credit Effects 
264  1 Washington DC :|bInternational Monetary Fund,|c2012 
264  4 |c©2012 
300    1 online resource (48 pages) 
336    text|btxt|2rdacontent 
337    computer|bc|2rdamedia 
338    online resource|bcr|2rdacarrier 
490 1  IMF Working Papers 
505 0  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) 
505 8  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) 
520    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 
588    Description based on publisher supplied metadata and other
       sources 
590    Electronic reproduction. Ann Arbor, Michigan : ProQuest 
       Ebook Central, 2020. Available via World Wide Web. Access 
       may be limited to ProQuest Ebook Central affiliated 
       libraries 
650  0 Saving and investment.;Wealth 
655  4 Electronic books 
700 1  Sommer, Martin 
700 1  Slacalek, Jiri 
776 08 |iPrint version:|aCarroll, Christopher|tDissecting Saving 
       Dynamics : Measuring Wealth, Precautionary, and Credit 
       Effects|dWashington DC : International Monetary Fund,c2012
       |z9781475505696 
830  0 IMF Working Papers 
856 40 |uhttps://ebookcentral.proquest.com/lib/sinciatw/
       detail.action?docID=1606970|zClick to View