Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/56377 
Autor:innen: 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
SSE/EFI Working Paper Series in Economics and Finance No. 591
Verlag: 
Stockholm School of Economics, The Economic Research Institute (EFI), Stockholm
Zusammenfassung: 
This 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.
Schlagwörter: 
equilibrium interest rate
aggregate savings
precautionary saving
infinite horizon
general equilibrium
JEL: 
D52
D91
E21
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
226.2 kB





Publikationen in EconStor sind urheberrechtlich geschützt.