The Empirical Importance of Precautionary Saving

Topics:
Insurance
Tags:
Accumulation,
Importance,
National Bureau Of Economic Research
Source:
National Bureau of Economic Research

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Overview: One of the basic motives for saving is the accumulation of wealth to insure future welfare. In theory, the consumption and wealth accumulation of price-taking households in an economy with incomplete markets differs substantially from the behavior of these same households in the equivalent economy with complete-markets. The question addresses in this article is whether to find this difference to be large in practice. It examines the empirical importance of precautionary saving and provides a simple decomposition that characterizes the importance of precautionary saving in the U.S. economy.

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Format: PDF | Size: 333KB | Date: Feb 2001 | Pages: 15

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