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Disentangling the importance of the precautionary saving motive
Kennickell, Arthur; Lusardi, Annamaria - Center for Financial Studies - 2005
virtually every type of household. However, precautionary savings account for only 8 percent of total wealth holdings. Even …
Persistent link: https://www.econbiz.de/10010958504
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Disentangling the Importance of the Precautionary Saving Motive
Kennickell, Arthur; Lusardi, Annamaria - Center for Financial Studies - 2006
virtually every type of household. However, precautionary savings account for only 8 percent of total wealth holdings. Even …
Persistent link: https://www.econbiz.de/10005176442
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Saving rates and portfolio choice with subsistence consumption
Achury, Carolina; Hubar, Sylwia; Koulovatianos, Christos - Center for Financial Studies - 2011
We analytically show that a common across rich/poor individuals Stone-Geary utility function with subsistence consumption in the context of a simple two-asset portfolio-choice model is capable of qualitatively and quantitatively explaining: (i) the higher saving rates of the rich, (ii) the...
Persistent link: https://www.econbiz.de/10010958742
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Precautionary savings and the importance of business owners
Hurst, Erik; Kennickell, Arthur; Lusardi, Annamaria; … - Center for Financial Studies - 2006
business owners and non-business owners the size of precautionary savings with respect to labor income risk is modest and … artificially high estimate of the importance of precautionary savings. Data from the Survey of Consumer Finances further confirms … that precautionary savings account for less than ten percent of total wealth for both business owners and non …
Persistent link: https://www.econbiz.de/10010958779
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Fitting parsimonious household- portfolio models to data
Hubar, Sylwia; Koulovatianos, Christos; Li, Jian - Center for Financial Studies - 2014
US data and new stockholding data from fifteen European countries and China exhibit a common pattern: stockholding shares increase in household income and wealth. Yet, there is a multitude of numbers to match through models. Using a single utility function across households (parsimony), we...
Persistent link: https://www.econbiz.de/10010986432
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Precautionary Savings and the Importance of Business Owners
Hurst, Erik; Kennickell, Arthur; Lusardi, Annamaria; … - Center for Financial Studies - 2006
business owners and non-business owners the size of precautionary savings with respect to labor income risk is modest and … artificially high estimate of the importance of precautionary savings. Data from the Survey of Consumer Finances further confirms … that precautionary savings account for less than ten percent of total wealth for both business owners and non …
Persistent link: https://www.econbiz.de/10005138851