Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/57365
Authors: 
Carroll, Christopher D.
Year of Publication: 
2011
Series/Report no.: 
CFS Working Paper 2011/15
Abstract: 
Buffer-stock models of saving are now standard in the consumption literature. This paper builds theoretical foundations for rigorous understanding of the main features of such models, including the existence of a target wealth ratio and the proposition that aggregate consumption growth equals aggregate income growth in a small open economy populated by buffer stock savers.
Subjects: 
Precautionary Saving
Buffer Stock Saving
Marginal Propensity to Consume
Permanent Income Hypothesis
JEL: 
D81
D91
E21
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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