No. 2007/29 A Direct Test of the Buffer-Stock Model of Saving Tullio Jappelli, Mario Padula, and Luigi … to buffer income fluctuations. When wealth is below an optimal target, consumers try to increase their buffer stock of … wealth by saving more. When it is above target, they increase consumption. This important implication of the buffer stock …

demand, based on the buffer stock model, the short run dynamics governing the process of reserve accumulation (decumulation … that the buffer stock precautionary model explains the optimal reserve demand reasonably well. The corresponding VECMs are …

served by the selection of an alternative buffer stock policy that is directly managed by the ECB. …

capital buffer (CCB) in Spain. Using data covering three stress events in the Spanish banking system since the early 1960s, we … describe a number of conceptual and practical issues that may arise with the Basel benchmark buffer guide (i.e. the credit …

This proposal argues in favor of commodity price stabilization via international commodity buffer stocks and the tying … of these stocks to the creation of a new international reserve currency. Financing commodity buffer stocks through the …