Precautionary Saving and Consumption Smoothing across Time and Possibilities
نویسندگان
چکیده
منابع مشابه
Precautionary Saving and Consumption Smoothing Across Time and Possibilities.
This paper examines how aversion to risk and aversion to intertemporal substitution determine the strength of the precautionary saving motive in a two-period model with Selden/Kreps-Porteus preferences. For small risks, we derive a measure of the strength of the precautionary saving motive which generalizes the concept of "prudence" introduced by Kimball (1990b). For large risks, we show that d...
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This paper examines how aversion to risk and aversion to intertemporal substitution determine the strength of the precautionary saving motive in a two-period model with Selden/Kreps-Porteus preferences. For small risks, we derive a measure of the strength of the precautionary saving motive which generalizes the concept of “prudence” introduced by Kimball [12]. For large risks, we show that decr...
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This paper uses the consumption Euler equation to derive a decomposition of consumption growth into four sources. These are new information and three sources of predictable consumption growth: intertemporal substitution, changes in the preferences for consumption, and incomplete markets for consumption insurance. Using data on the expenditures of households, we implement the decomposition for t...
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This is an entry for The New Palgrave Dictionary of Economics, 2nd Ed.
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This thesis studies two strategies that households may use to keep their consumption smooth in the face of fluctuations in income and expenses: credit (borrowing and savings) and insurance (statecontingent transfers between households). The first chapter asks why insurance among households in rural Thai villages is incomplete. The second chapter analyzes the impacts of micro-credit. The third c...
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ژورنال
عنوان ژورنال: Journal of Money, Credit and Banking
سال: 2009
ISSN: 0022-2879,1538-4616
DOI: 10.1111/j.1538-4616.2009.00205.x