CONSUMPTION PUZZLES AND PRECAUTIONARY SAVINGS
CONSUMPTION PUZZLES AND PRECAUTIONARY SAVINGS
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DOI：
10.1016/0304-3932(90)90048-9
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发表时间：
1990-01-01
影响因子：
4.1
通讯作者：
CABALLERO, RJ
中科院分区：
文献类型：
--
作者：
CABALLERO, RJ
当边际效用是凸的，代理人积累储蓄作为对劳动收入不测的预防措施。本文表明，预防性储蓄可以在很大程度上使消费的过度增长、过度平滑和过度敏感性特征与美国在微观经济水平上观察到的劳动收入随机过程相一致。
When marginal utility is convex, agents accumulate savings as a precautionary measure against labor-income eventualities. This paper shows that precautionary savings can go a long way in making theexcess-growth, excess-smoothnessandexcess-sensitivityfeatures of consumption consistent with the stochastic processes of labor income observed in the U.S. at the microeconomic level.