| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP2725
|
| DP2725 Government versus Private Ownership of Public Goods |
| Tim Besley; Maitreesh Ghatak
|
| 发表日期 | 2001-03-27
|
| 出版年 | 2001
|
| 语种 | 英语
|
| 摘要 | One of the basic motives for saving is the accumulation of wealth to insure future welfare. Both introspection and extant research on consumption insurance find that people face substantial risks that they do not fairly pool. In theory, the consumption and wealth accumulation of price-taking households in an economy with incomplete markets differs substantially from the behaviour of these same households in the equivalent economy with complete-markets. The question we address in this article is whether we find this difference to be large in practice. What is the empirical importance of precautionary saving?
We provide a simple decomposition that characterizes the importance of precautionary saving in the US economy. We use this decomposition as an organizing framework to present four main findings:
(a) the concavity of the consumption policy rule,
(b) the importance of precautionary saving for life-cycle saving and wealth accumulation,
(c) the contribution of changes in risk to fluctuations in aggregate consumption and
(d) the significant impact of incomplete markets on aggregate fluctuations in
calibrated general equilibrium models.
We conclude with directions for future research. |
| 主题 | International Macroeconomics
|
| 关键词 | Consumption
Fluctuations
Incomplete markets
Insurance
Precautionary saving
Saving
Wealth accumulation
|
| URL | https://cepr.org/publications/dp2725
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531781
|
推荐引用方式
GB/T 7714 |
Tim Besley,Maitreesh Ghatak. DP2725 Government versus Private Ownership of Public Goods. 2001.
|
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