| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6583 |
| DP6583 Fiddling with Value: Violins as an Investment? | |
| Kathryn Graddy; Philip Margolis | |
| 发表日期 | 2007-11-29 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Recent models with liquidity constraints and impatience emphasize that consumers use savings to buffer income fluctuations. When wealth is below an optimal target, consumers try to increase their buffer stock of wealth by saving more. When it is above target, they increase consumption. This important implication of the buffer stock model of saving has not been subject to direct empirical testing. We derive from the model an appropriate theoretical restriction and test it using data on working-age individuals drawn from the 2002 and 2004 Italian Surveys of Household Income and Wealth. One of the most appealing features of the survey is that it has data on the amount of wealth held for precautionary purposes, which we interpret as target wealth in a buffer stock model. The test results do not support buffer stock behaviour, even among population groups that are more likely, a priori, to display such behaviour. The saving behaviour of young households is instead consistent with models in which impatience, relative to prudence, is not as high as in buffer stock models. |
| 主题 | International Macroeconomics |
| 关键词 | Buffer stock model Intertemporal choice Precautionary saving |
| URL | https://cepr.org/publications/dp6583 |
| 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/535421 |
| 推荐引用方式 GB/T 7714 | Kathryn Graddy,Philip Margolis. DP6583 Fiddling with Value: Violins as an Investment?. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
