consumption via managing inflation expectations based on the Euler equation. Unconventional fiscal policy uses trivial … announcements of future consumer-price increases to boost inflation expectations and consumption expenditure on impact. Instead …

information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The …

gains and report greater propensities to consume. A standard optimal consumption choice model, enriched with a rational but …

cycle. Decreasing discounting helps a canonical life-cycle model to explain the household saving puzzles of undersaving when … young and oversaving after retirement. Relative to the model with constant discounting, the model’s fit to consumption and …

policies with a constant saving rate for an economy with log-utility and Cobb–Douglas production technology and an economy with … isoelastic utility and linear production technology. In all cases, the Kantian saving rate is higher than the saving rate of …

-hyperbolic discounting. When agents recognize others' naivete, as strongly suggested by empirical evidence, they revise consumption paths …, as is typically assumed in the literature, they revise both consumption paths and price expectations (quasi …. We show that generically quasi-hyperbolic discounting matters for saving behavior: sliding equilibrium under perfect …

collapse of personal saving in the U.S. over the last few decades. Using a calibrated, general equilibrium life-cycle model … the social security tax rate (as in the U.S. over the last half century) produces a modest decline in the personal saving …