The degree of precautionary saving: A reexamination

被引：12
|
作者：
Lee, Jeong-Joon
Sawada, Yasuyuki
机构：
[1] Univ Tokyo, Fac Econ, Bunkyo Ku, Tokyo 1130033, Japan
[2] Towson Univ, Dept Econ, Towson, MD 21252 USA
来源：
ECONOMICS LETTERS | 2007年 / 96卷 / 02期
关键词：
precautionary saving; prudence; liquidity constraints;
D O I：
10.1016/j.econlet.2007.01.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Extending Dynan's methodology [Dynan, K., 1993. How prudent are consumers? Journal of Political Economy 101, 1104-1113], we show that a significant fraction of the prudence parameter puzzle can be explained by a downward omitted-variable bias. Further, the estimated prudence is substantially higher for liquidity-constrained households. (C) 2007 Elsevier B.V. All rights reserved.
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页码：196 / 201
页数：6
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