calculated at the micro level because of aggregation effects there remain the questions of how large the effects are, and how … aggregation effects are found generally to be rather small, even with highly nonuniform income distributions. …

University of Nottingham 23 June 2009 Key words: precautionary saving, aggregation effects, international capital … integration, whether relating to capital or to labour, causes favourable aggregation effects. Fifthly, in the last part of the … particular model, we find that the saving effects are of a comparable magnitude to the aggregation effects. Based on the …