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Cited by 803

The DOI matches its Crossref record; 33 of the 33 references it cites were found in a registry or an index.

The nature of precautionary wealth

Open access
Carroll, Christopher D., Samwick, Andrew A.·1997·Journal of Monetary Economics
DOI 10.1016/s0304-3932(97)00036-6
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Abstract

This paper uses the Panel Study of Income Dynamics to provide some of the first direct evidence that wealth is systematically higher for consumers with predictably greater income uncertainty. However, the apparent pattern of precautionary wealth is not consistent with a standard parameterization of the life cucle model in which consumers are patient enough to begin saving for retirement early in life; wealth is estimated to be far less sensitive to uncertainty than implied by that model. Instead, our results suggest that over most of their working life time, consumers behave in accordance with the ‘buffer-stock’ models of saving described in Carroll (1992, 1997) or Deaton (1991), in which consumers hold wealth principally to insulate consumption against near-term fluctuations in income.

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Metadata

Authors
Carroll, C. D., & Samwick, A. A.
Venue
Journal of Monetary Economics
Publisher
Elsevier BV
Published
1997-09
Volume
40
Issue
1
Pages
41-71
ISSN
0304-3932 (ISSN-L)
DOI
10.1016/s0304-3932(97)00036-6
OpenAlex
W3121264657
Cited by
803
References
33
FWCI
66.87
Type
journal article
Language
en
Open access
hybrid

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CoChat. (2026). Citation check: The nature of precautionary wealth. https://app.cochat.ai/papers/10.1016/s0304-3932(97)00036-6
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Carroll, C. D., & Samwick, A. A. (1997). The nature of precautionary wealth. Journal of Monetary Economics. https://doi.org/10.1016/s0304-3932(97)00036-6

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.