Gourinchas, Pierre-Olivier; Parker, Jonathan A - C.E.P.R. Discussion Papers - 2001
article is whether we find this difference to be large in practice. What is the empirical importance of precautionary saving …? We provide a simple decomposition that characterizes the importance of precautionary saving in the US economy. We use … rule, (b) the importance of precautionary saving for life-cycle saving and wealth accumulation, (c) the contribution of …