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dc.contributor.authorFlodén, Martinen
dc.date.accessioned2012-03-28T13:11:45Z-
dc.date.available2012-03-28T13:11:45Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/56377-
dc.description.abstractThis paper examines aggregate savings in a general equilibrium model where infinitely lived households face volatile (and possibly uncertain) income paths, hold a risk-free asset, and face a liquidity constraint. I first show that the equilibrium capital stock in an economy without uncertainty, but where individual income varies, can be larger than in an economy where each household's income is constant. When income is stochastic, the equilibrium capital stock is always larger than when income is constant. This additional capital accumulation has sometimes been interpreted as precautionary savings, but I demonstrate that it is mostly generated by permanent-income motives.en
dc.language.isoengen
dc.publisher|aStockholm School of Economics, The Economic Research Institute (EFI) |cStockholmen
dc.relation.ispartofseries|aSSE/EFI Working Paper Series in Economics and Finance |x591en
dc.subject.jelD52en
dc.subject.jelD91en
dc.subject.jelE21en
dc.subject.ddc330en
dc.subject.keywordequilibrium interest rateen
dc.subject.keywordaggregate savingsen
dc.subject.keywordprecautionary savingen
dc.subject.keywordinfinite horizonen
dc.subject.keywordgeneral equilibriumen
dc.subject.stwSparenen
dc.subject.stwAllgemeines Gleichgewichten
dc.subject.stwInvestitionen
dc.subject.stwIntertemporale Allokationen
dc.subject.stwTheorieen
dc.titleAggregate savings when individual income varies-
dc.typeWorking Paperen
dc.identifier.ppn482800755en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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