Dissecting Saving Dynamics.

Dissecting Saving Dynamics.

We argue that the U.S. personal saving rate's long stability (from the 1960's through the early 1980's), subsequent steady decline (1980's - 2007), and recent substantial increase (2008 - 2011) can all be interpreted using a parsimonious 'buffer stock' model of optimal...

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Bibliographic Details
Main Author: Carroll, Christopher
Other Authors: Sommer, Martin, Slacalek, Jiri
Format: eBook
Language:English
Published: Washington : International Monetary Fund, 2012.
Series:IMF Working Papers.
Subjects:
Saving and investment.
Wealth.
wealth.
Saving and investment
Wealth
Online Access:Click for online access
Table of Contents:
  • Cover; Contents; I. Introduction; Figures; 1. Personal Saving Rate in 2007-2011 and Previous Recessions; II. Theory: Target Wealth and Credit Conditions; 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; III. Data and Measurement Issues; 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); IV. Reduced-Form Saving Regressions
  • 13. Fit of the Structural Model-Actual and Fitted PSR (Percent of Disposable Income)14. Decomposition of Fitted PSR (Percent of Disposable Income); VI. Conclusions; 15. Alternative Measures of Credit Availability; 16. Growth of Real Disposable Income (Percent); 17. Personal Saving Rate (Percent of Disposable Income); 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 Estimates6. 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; References

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