The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
How Important Is Precautionary Saving?
Open accessAbstract
We estimate how much of the wealth of a sample of respondents to the Panel Study of Income Dynamics is held because some households face more income uncertainty than others. We begin by solving a theoretical model of saving, which we use to develop appropriate measures of uncertainty. We then regress households' wealth on our measures of uncertainty, and find substantial evidence that households engage in precautionary saving. Finally, we simulate the wealth distribution that our empirical results imply would prevail if all households had the same uncertainty as the lowest uncertainty group. We find that between 32 and 50% of wealth in our sample is attributable to the extra uncertainty that some consumers face compared to the lowest uncertainty group.
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Cites
Instrumental Variables Regression with Weak Instruments
Staiger, D., & Stock, J. (1994) · doi:10.3386/t0151 · Cited by 5,302
Bound, J., Jaeger, D. A., & Baker, R. M. (1995) · Journal of the American Statistical Association · doi:10.2307/2291055 · Cited by 1,018
Cited by
Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk
Heaton, J., & Lucas, D. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00244 · Cited by 1,041
Dynan, K. E., Skinner, J., & Zeldes, S. P. (2004) · Journal of Political Economy · doi:10.1086/381475 · Cited by 1,019
The nature of precautionary wealth
Carroll, C. D., & Samwick, A. A. (1997) · Journal of Monetary Economics · doi:10.1016/s0304-3932(97)00036-6 · Cited by 803
Self-citationAre Household Surveys Like Tax Forms? Evidence from Income Underreporting of the Self-Employed
Hurst, E., Li, G., & Pugsley, B. (2014) · The Review of Economics and Statistics · doi:10.1162/rest_a_00363 · Cited by 286
Financial Literacy and Emergency Saving
Babiarz, P., & Robb, C. A. (2014) · Journal of Family and Economic Issues · doi:10.1007/s10834-013-9369-9 · Cited by 259
Metadata
- Authors
- Carroll, C. D., & Samwick, A. A.
- Venue
- Review of Economics and Statistics
- Publisher
- MIT Press - Journals
- Published
- 1998-08
- Volume
- 80
- Issue
- 3
- Pages
- 410-419
- ISSN
- 0034-6535 (ISSN-L)
- 1530-9142
- OpenAlex
- W2116994302
- Cited by
- 520
- References
- 2
- FWCI
- 13.79
- Type
- journal article
- Language
- en
- Open access
- green
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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.
