期刊
REVIEW OF ECONOMIC DYNAMICS
卷 9, 期 2, 页码 353-363出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.red.2006.01.002
关键词
liquidity constraint; precautionary savings; borrowing constraint; natural debt limit; excess consumption growth; uninsured endowment shock
类别
This paper quantifies the effects of precautionary savings. It demonstrates that Zeldes' estimate of excess consumption growth for low asset holders is consistent with a dynamic general equilibrium model with uninsurable endowment shocks when borrowing is constrained at three months' worth of average wage income. I propose a Monte Carlo simulation of the stationary equilibrium as a method of indirectly testing the hypotheses of a no-borrowing specification and a natural debt limit specification. At the estimated borrowing constraint, an increase in endowment shocks within the range of empirical findings can cause a 1.6% increase in the savings rate and a 6.9% increase in capital. (c) 2006 Elsevier Inc. All rights reserved.
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